Remedies Against Trust Property. Tracing into Commingled Account Trustee’s $Trust’s $Acc’t Balance Opening Balance (that is, before Trustee turns evil)

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Presentation transcript:

Remedies Against Trust Property

Tracing into Commingled Account Trustee’s $Trust’s $Acc’t Balance Opening Balance (that is, before Trustee turns evil) 5000

Tracing into Commingled Account Trustee’s $Trust’s $Acc’t Balance Opening Balance5000 Trustee embezzles $

Tracing into Commingled Account Trustee’s $Trust’s $Acc’t Balance Opening Balance5000 Trustee embezzles $ Trustee withdraws $

Tracing into Commingled Account Trustee’s $Trust’s $Acc’t Balance Opening Balance5000 Trustee embezzles $ Trustee withdraws $ Trustee withdraws $

Tracing into Commingled Account Trustee’s $Trust’s $Acc’t Balance Opening Balance5000 Trustee embezzles $ Trustee withdraws $ Trustee withdraws $ Trustee deposits income tax refund of $

Subrogation Trust Property 1. Trustee embezzles $1, Trustee uses money to pay secured/priority creditor Trustee’s Secured/Priority Creditor 3. Beneficiary is subrogated to rights of “paid off” creditor 4. B uses rights of creditor against Trustee and Trustee’s other creditors

Marshalling Example Trustee personally owns two assets: Asset A = $10,000 Asset B = $6,000 Beneficiary has claim for $5,000 against Asset A via subrogation due to Trustee’s embezzlement; no claim against Asset B Creditor has priority claim against both assets totaling $10,000.