Court High Court | Citation(s) [1903] Ch 356 | |
Re Oatway [1903] Ch 356 is an English trusts law case, concerning tracing.
Contents
Facts
Mr Oatway was a trustee of Charles Skipper’s will. He took £3000 of trust money and mixed it with £4000 of his own. He used £2137 from the fund to buy shares in the Oceana Company, and dissipated the rest. Then he died. The beneficiaries of the Skipper trust wished to trace their money into the £2475 that were the proceeds of the shares.
Judgment
Joyce J held the beneficiaries could claim the proceeds of the shares. A trustee cannot say the purchased assets were not bought with trust money.
This was just as true as that a trustee cannot rely on Clayton’s case to say that it was the beneficiary’s money taken out first and spent.
References
Re Oatway Wikipedia(Text) CC BY-SA