The remedy of tracing is not available through a bank account which was subsequently overdrawn. Nor does the doctrine of tracing extend to following value into a previously acquired asset: ‘there can be no equitable remedy against an asset acquired before the misappropriation of money takes place, since ex hypothesi it cannot be followed into something which existed and so had been acquired before the money was received and therefore without its aid.’
Judges:
Leggatt LJ
Citations:
Gazette 07-Oct-1994, Ind Summary 26-Sep-1994, [1995] 1 All ER 347
Jurisdiction:
England and Wales
Citing:
Appeal from – Bishopsgate Investment Management Ltd v Homan and Others ChD 14-Jul-1994
A tracing remedy is defeated when the account into which the money is paid is overdrawn. . .
Cited by:
Appealed to – Bishopsgate Investment Management Ltd v Homan and Others ChD 14-Jul-1994
A tracing remedy is defeated when the account into which the money is paid is overdrawn. . .
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 . .
Lists of cited by and citing cases may be incomplete.
Equity, Financial Services
Updated: 05 May 2022; Ref: scu.85834
