In re Tilley’s Will Trusts: ChD 1967

The court considered the rights of a beneficiary to participate in any profit which resulted where a trustee mixed trust money with his own money and then used it to purchase other property.
Ungoed-Thomas J
[1967] Ch 1179
Citing:

  • Explained away – In re Hallett’s Estate; Knatchbull v Hallett CA 1880
    Where a trustee of a policy used money received from others to make payment of premiums on an insurance policy, they would be entitled to a lien on the policy. Where an asset was acquired exclusively with trust money, the beneficiary could either . .
    (1880) 13 ChD 696

Cited by:

  • Cited – Foskett v McKeown and Others CA 27-Jun-1997
    Various people had paid money with the promise of acquiring an interest in land in Portugal. The scheme was fraudulent. The funds had been used to purchase a life/investment policy. The policy was held in trust for the fraudster’s mother but he had . .
    Times 27-Jun-97, [1997] EWCA Civ 1747, [1998] Ch 265
  • Cited – Foskett v McKeown and Others HL 18-May-2000
    A property developer using monies which he held on trust to carry out a development instead had mixed those monies with his own in his bank account, and subsequently used those mixed monies to pay premiums on a life assurance policy on his own life, . .
    Times 24-May-00, Gazette 08-Jun-00, [2000] UKHL 29, [2000] 3 All ER 97, [2000] Lloyd’s Rep IR 627, [2001] 1 AC 102, [2000] WTLR 667, (1999-2000) 2 ITELR 711, [2000] 2 WLR 1299

These lists may be incomplete.
Updated: 09 December 2020; Ref: scu.187412