Ratio Decidendi
Tracing is a process of identifying trust property as it moves through different forms. Beneficiaries whose money has been used to pay premiums on a life insurance policy are entitled to a proportionate share of the policy proceeds.
Hechos
Murphy, a trustee, misappropriated trust funds and used some to pay premiums on a life insurance policy. He then committed suicide. The beneficiaries claimed a share of the policy payout.
Resumen de la sentencia
The House of Lords held (3-2) that the beneficiaries were entitled to a proportionate share of the insurance proceeds, as the premiums were paid with their money.
Citas clave
"Tracing is neither a claim nor a remedy. It is merely the process by which a claimant demonstrates what has happened to his property."
— Lord Millett
Tratamiento posterior
Authoritative statement on the nature of tracing as a process, not a remedy.