Jessel MR said: ‘In this court the money of the company is a trust fund, because it is applicable only to the special purposes of the company in the hands of the agents of the company, and it is in that sense a trust fund applicable by them to those special purposes; and a person taking it from them with notice that it is being applied to other purposes cannot in this court say that he is not a constructive trustee.’
Judges:
Jessel MR
Citations:
(1875) LR 20 Eq 474
Jurisdiction:
England and Wales
Cited by:
Cited – Belmont Finance Corporation Ltd v Williams Furniture Ltd (No 2) 1980
It had been alleged that there had been a conspiracy involving the company giving unlawful financial assistance for the purchase of its own shares.
Held: Dishonesty is not a necessary ingredient of liability in an allegation of a ‘knowing . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 06 May 2022; Ref: scu.196957