Law of trusts

Anyone approaching the study of the English law of trusts comes across “the rule in Saunders v Vautier”, named after the 1841 decision of the Court of Chancery in which it is currently assumed that it was laid down. In its narrowest form, the rule provides that the beneficiary of a trust of shares and their dividends, which is to take effect “when” the beneficiary reaches the age of majority, with no gift over, is entitled to have the shares transferred to him as soon as he comes of age. The effect of the implementation of the rule is to terminate the trust, notwithstanding the settlor's contrary intention, which is simply overridden.

In this article we intend to show that a distinction between two meanings of “when” in testamentary dispositions underpinned the rule: a conditional meaning and a dispositive meaning. That distinction was taken from the jurisprudence of the spiritual courts in England, based on a development of Roman law sources in the European ius commune which then found its way into the French and other civil law codes. Academic writings have ignored this side of the story, which is highly relevant from a comparative law perspective.

Il ricorso al trust è determinato dall’esigenza, sempre più diffusa, di un soggetto, il disponente, di separare una parte del proprio patrimonio per il perseguimento di interessi meritevoli di tutela ponendolo sotto il controllo di un altro soggetto, il trustee. L’istituto, da tempo diffuso nella prassi di altre giurisdizioni, ha conseguito il suo definitivo riconoscimento domestico in forza della ratifica della Convenzione de L’Aja del 1° luglio 1985.
Il contributo analizza le numerose problematiche interpretative emerse nella prassi nazionale e nelle analisi della dottrina e della giurisprudenza, prendendo le mosse dalla valutazione del trust quale patrimonio separato senza soggetto, vincolato alla realizzazione di un effetto di destinazione. Il metodo dell’indagine si muove costantemente sul binario della valutazione della meritevolezza degli interessi delle parti coinvolte nell’operazione alla luce non solo dei principi e delle regole del diritto italiano, ma anche di quanto previsto dalla governing law del trust per come scelta dal disponente.
Sono oggetto di approfondimento le diverse vicende che interessano la ‘vita’ di un trust anche nella prospettiva della tutela dei diritti dei terzi. Si analizzano i vari ‘obiettivi’ che il disponente intende realizzare, in relazione a vicende che interessano i rapporti giuridici familiari, il passaggio generazionale di un patrimonio personale o aziendale, la tutela di soggetti bisognosi di assistenza. Dettagliata è infine l’analisi del ricorso al trust con funzione di garanzia, ovvero nelle operazioni di project financing, nelle vicende societarie e nella gestione della crisi di impresa.
Il contributo conclude con una ricognizione critica dell’interpretazione delle vicende fiscali offerte dall’amministrazione finanziaria, in costante conflitto con la lettura delle stesse offerta dalla dottrina e dalla giurisprudenza.

This article explores the evolving landscape of family provision claims in Australia and the intricate balance between testamentary freedom and familial moral obligations, particularly where bequests to charitable beneficiaries are concerned. Drawing on Australian and United Kingdom common law, this article examines the judicial interpretation of familial moral duty in the context of family provision claims. The analysis highlights the challenges faced by charitable beneficiaries in defending their entitlements against family provision claims, emphasising the need for a nuanced approach. Through a comparative lens, it contrasts the principles governing testamentary freedom and moral claims in different jurisdictions. Ultimately, the article advocates for a re-evaluation of the current legal framework, urging courts to prioritise testamentary freedom and acknowledge the societal importance of charitable contributions. By analysing these complex dynamics, the article contributes to the ongoing discourse on succession law, offering insights into the intersection of legal principles and societal expectations.

The concept of trusts, absent from the classical writings of Marx and Weber on capitalism, was introduced by Frederic Maitland and John Locke as an explanatory framework for the central institutions of capitalism. While these two theorists offered compelling arguments, they relied on intuition and utilized the concept primarily to justify the existing social structure. This paper aims to bring analytical rigor to this intuitive theory and proposes that critical theory embrace the idea of trusts as a critical conceptual tool to unravel the nature of capitalist institutions. Examining limited liability corporations, the modern state, and public debt, the incorporation of trusts into critical theory provides key advantages. Firstly, it facilitates analyzing capitalist institutions in terms of rights and responsibilities, unveiling moral dynamics. Secondly, it highlights the role of personhood in distributing rights and responsibilities. Third, it can help understand why modern society is ensnared by the shackles of debt.

마르크스와 베버의 자본주의에 관한 고전적 저술에는 없었던 신탁의 개념은 프레데릭 메이틀랜드와 존 로크에 의해 자본주의의 핵심 제도를 설명하는 틀로서 도입되었다. 이 두 이론가는 설득력 있는 주장을 제시했으나, 직관에 의존했고 이 개념을 주로 기존 사회 구조를 정당화하는 데 활용했다. 본 논문은 이러한 직관적 이론에 분석적 엄밀성을 부여하고자 하며, 비판이론이 자본주의 제도의 본질을 파헤치는 '비판적' 개념 도구로서 신탁 개념을 수용할 것을 제안한다. 유한책임회사, 현대 국가, 공공부채를 검토하면서, 비판이론에 신탁 개념을 도입하는 것은 핵심적인 이점을 제공한다. 첫째, 이는 도덕적 역학을 드러내면서 자본주의 제도를 권리와 책임의 관점에서 분석하는 것을 가능하게 한다. 둘째, 권리와 책임을 분배하는 데 있어 법인격의 역할을 부각시킨다. 셋째, 현대 사회가 왜 부채의 굴레에 얽매이게 되었는지를 이해하는 데 도움이 될 수 있다.

This article serves as an introduction to the new journal Endowment Studies ( ends ). Besides laying out the scope and goals of the periodical, it also charts the broader arc of historical scholarship on endowments. More specifically, the development of the research on foundations is summarized in four fields, namely Medieval Studies, Byzantine Studies, Islamic Studies and Indology. Furthermore, a general vocabulary for the core features of foundations is also proposed.

This paper critically examines the legal doctrine of trusts, exploring its origins, development, and multifaceted role within English and Ugandan legal systems. Rooted in medieval England, the trust emerged as a legal innovation that separated legal and equitable ownership, allowing for the structured management of property beyond the constraints of common law. Through a comprehensive analysis, the paper traces the trust's historical trajectory, considering its social, economic, and legal motivations, including influences from the Crusades and Roman law. With reference to statutory frameworks, landmark cases, and scholarly interpretations, it elucidates the trust's transformation into a versatile tool for wealth preservation, estate management, and social responsibility. The paper further contextualizes the doctrine's reception and adaptation in Uganda, focusing on colonial-era legal structures and contemporary applications in land tenure and pension management. By comparing English and Ugandan perspectives, this study underscores the trust's enduring relevance as an equitable mechanism for securing rights and promoting fiduciary obligations in changing legal landscapes

Gli scandali finanziari del 2000, che hanno avuto il loro apice con i "Panama Papers" del 2016, ovvero l'uso improprio di veicoli societari a fini di riciclaggio di denaro, frode fiscale e finanziamento al terrorismo internazionale, sono stati i catalizzatori per l'implementazione della normativa antiriciclaggio americana. Il dibattito politico sulla lotta ai crimini finanziari e la finanza illecita che ne è seguito, è culminato con l'approvazione del Corporate Transparency Act (CTA) del 21 gennaio 2021. La nuova normativa in materia di antiriciclaggio e contrasto al finanziamento del terrorismo mira a migliorare la trasparenza aziendale armonizzando le norme statali attraverso l'istituzione, per la prima volta nella storia americana, di un registro federale delle imprese. Scopo del presente articolo è quello di fornire un quadro generale della normativa, riassumendone i termini più rilevanti.

In Siu Yin Kwan v Eastern Insurance, Lord Lloyd addressed the question of whether assignment can appropriately be analogised with undisclosed agency. His Lordship considered it could not. Although scholars have impliedly (and correctly) identified that this is true as regards statutory assignment, there are compelling parallels between undisclosed agency and equitable assignment that merit further attention. This article inquires into the accuracy of Lord Lloyd’s dictum in relation to equitable assignment, seeking to identify a possible model to conceptualise the flow of rights arising between an undisclosed principal and a third party in undisclosed agency relationships.

Príspevok predstavuje analýzu navrhovanej právnej úpravy inštitútu odkazu vo zverejnených pracovných verziách rekodifikovaného súkromného práva. Autor sa v príspevku venuje vymedzeniu pojmu odkaz z historickej perspektívy, konkrétne poukazuje na najzávažnejšie nedostatky predstaveného návrhu v úprave odkazov a zároveň ponúka vlastné návrhy právnej regulácie. Upozorňuje pritom na príliš strohé legislatívne vyjadrenie tohto inštitútu a na aplikačné následky, ktoré by nastali zavedením odkazu tak, ako bol predstavený v ostatných dostupných verziách rekodifikácie. Tento text má za cieľ najmä otvoriť diskusiu ohľadne rekodifikácie dedičského práva na našom území. The paper presents an analysis of the legal regulation of legacies in the last published versions of the recodification of private law. In the paper, the author deals with the definition of legacies from a historical perspective, specifically points out the most problematic shortcomings of the presented draft, and offers his own suggestions in the form of de lege ferenda. We draw your attention to the overly short legislative expression of this institute and to the application consequences that would arise from the introduction of the legacies as it was presented in the most recent available draft of the recodification. The purpose of this text is to open a discussion regarding the recodification of inheritance law in our territory.

Oktawian August udzielił ochrony fideikomisom uniwersalnym, to znaczy pozwolił
fideikomisariuszom dochodzić spadków, które zostały już przyjęte przez
dziedziców. Niewątpliwym osiągnięciem senatus consultum Pegasianum było
stworzenie możliwości zmuszenia spadkobierców do przyjęcia spadku, przez co
uniezależniano samo istnienie uniwersalnego zapisu powierniczego od dobrej woli
dziedziców. Czy jednak całkowicie przełamano akcesoryjność fideicommissum
hereditatis? Poważny problem mógł się np. pojawić, gdyby spadkobierca zmarł
zanim doszło do aditio hereditatis. Wydaje się, że w I w. po Chrystusie nie znajdowano
jeszcze w tej sytuacji rozwiązania.

The paper deals with the position of consumer protection rights as a part of both the system of private law and the systematic legal regulation in civil code from the point of view of the solution to this situation in Czech private law, which is confronted with the process of integration of consumer protection law into the frame of social model of private law.

(Turfl oop Campus). He holds an LLM and LLB from the University of Venda (Univen). His LLD is in view at NorthWest University. He is an advocate of the High Court of South Africa. He has authored a book entitled Socioeconomic Rights and Financial Planning in South Africa. He has published more than 40 articles in popular journals and has presented more than 24 papers at national and international conferences.

Land Ltd, a property developer from the State of Victoria, took out a loan with the ANZ Banking Group secured by a floating charge over its assets. The bank subsequently called in the loan, an event that triggered the automatic crystallisation of the charge, but allowed Thompson to continue trading. Thompson then paid off four contractors using cash and securities that were caught by the crystallised charge. What remained of the bank's security was insufficient to repay the loan in full. Thompson's liquidator sought to recover the payments from the contractors on the ground that they were unlawful preferences under the applicable equivalent *L.

SOMMARIO: 1. Russia. – 2. Ukraine. – 3. Lithuania. – 4. Georgia. – 5. Romania. – 6. Czech Republic. – 7. Hungary. – 8. Comparison. – 8.1. Legal structure. – 8.2. Establishment. – 8.3. Registration of the trust . – 8.4. Requirements of the settlor. – 8.5. Ownership (title). – 8.6. Requirements of the trustee . – 8.7. The beneficiary. – 8.8. Managed property. – 8.9. Asset partitioning. – 8.10. Rights and obligations of the trustee . – 8.11. Liability of the trustee . – 8.12. Duration. – 8.13. Creditors’ position. – 8.14. Tracing. – 8.15. Termination. – 9. Closing remarks.

SOMMARIO: 1. Premessa. Forme legali e prassi contrattuali di fronte al diritto penale.-2. Breve inquadramento dell'istituto fiduciario di scopo.-2.1. Alla ricerca della causa.-3. L'istituto del trust e la "tiepida" accoglienza dell'ordinamento italiano.-4. Il trust: potenziali profili di rilevanza penale.-4.1. Alla ricerca della tipicità penale nel prisma degli interessi contrattuali.-4.2. Itinerari giurisprudenziali.-4.3. Condotta appropriativa ed altruità dei beni appropriati.-4.4. Terzietà del trust e misure ablative.-4.5. I necessari limiti (esegetici) della tutela penale.-4.6. Uno sguardo oltre confine.-4.6.1. Il caso sammarinese.-4.6.2. Note di sintesi.-5. Conclusioni.

The trustee problem with unknown beneficiaries Subscribers in the USA will be well familiar with the magnificent 21 volume treatise Bogert Trusts & Trustees (Revised Second Edition, West Publishing Co): § 814 of which deals with an important conundrum: Absent or Unknown Beneficiaries The administrator of a trust is often handicapped by the fact that there are beneficiaries to whom payments should be made but who cannot be found, or because the trustee is in doubt whether there are such beneficiaries. A person who would be a beneficiary if living may have disappeared and have been unheard of for many years. Unless there is special legislation bearing

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. A trust is fully set up, or constituted, only when the property is in the hands of a person who is properly bound to be a trustee. The issues that arise concerning the constitution of trusts are closely tied up with equity’s general principles for dealing with gifts. This chapter begins by discussing an important guiding principle of the court of equity. The principle has two main strands: equity will not enforce gratuitous promises; and equity will not perfect an imperfect gift. The focus then turns to covenants, covering the enforcement of covenants to settle by equity and enforcement of covenants to settle at common law. Cases relating to the fortuitous vesting of the trust property are also analysed.

The scope of decision of the United Kingdom Supreme Court in AIB Group v Mark Redler & Co will only be understood in view of its treatment in subsequent decisions, but it is submitted it is frail authority for the view that a beneficiary will be unable to falsify the trust account where property has been misappled. In this paper it is contended, first, that an alternative analysis of the facts in AIB Group indicates that the case was, plausibly, wrongly decided. Second, the uncertain ratio of the case will be examined to point out fact situations where the case should not be followed.

TO: all recorders, clerks, property managers, and consulates to post on Public Notice.
From:  moor circle 7 temple
Reference number: mc7t000000047
Mail:  Documents or requests for copies can be submitted to:
Email : [email protected]


    I hereby, put all public and private corporations on notice, & require Treaty obligations to be made for the Moorish American National Dejure Aboriginal indigenous by Imperial & Aboriginal title proclaim the following:
I send this Royal Notice in honor of my Foremothers and Forefathers.

I am noble Victor Royce Dukett El,  an Aboriginal/Indigenous Moorish American National for the Moorish American Consulate and the Moorish National Republic Federal Government in Morocco currently domiciling near the FOREIGN UNION CORPORATE TERRITORY of [DEKALB COUNTY, GEORGIA  RREPUBLIC] in Propria Persona, Sui Juris, heir apparent, heir unconditional and upon my estate that all recorders are to record for the public record the instruments enclosed within this correspondence in accordance with your fiduciary duties of said PUBLIC OFFICE.

Environmental Fund Management (EFM) is a government effort to optimize EEI (Environmental Economic Instruments), to preserve the functions of the ecosystem. Based on regulation, EFM is entrusted to the Indonesian Environmental Fund (BPDLH) through channeling, fund fertilization, and distribution. BPDLH is appointed a trustee to manage the environmental fund, especially the trust/conservation assistance finance. The existence of trustee agreements often requires follow-up from a legal aspect. This is because Indonesia’s legal system does not recognize the trust law essentially acknowledging the dual ownership of an asset/property. Therefore, this study aims to analyze the use of the trust model in environmental fund management from a legal perspective. It also aims to evaluate the reasons Indonesian law needs to propose a trust policy as the basis for any activity adapting to conservation assistance, including EFM. This study was carried out by using a normative and qualitative jurid...

Religion is construed widely by the courts and religion and has been defined in law as (Church of the New Faith v Commissioner of Payroll Tax (Vic) (1983) 154 CLR 120 at 136): ...the criteria of religion are twofold: first, belief in a supernatural Being, Thing or Principle; and second, the acceptance of canons of conduct in order to give effect to that belief, though canons of conduct which offend against ordinary laws are outside the area of any immunity, privilege or right conferred on the grounds of religion. Those criteria may vary in their CORE Metadata, citation and similar papers at core.ac.uk

While the doctrine of the presumption of advancement and its applicability have been the subject of much judicial and academic criticism, this article reviews judicial approaches from Australasia and Canada and argues that the doctrine is still relevant in contemporary times. While it is evident that Canadian courts are not willing to support the place of the presumption of advancement in relation to gratuitous gifts by parents to adult children, Australasian jurisprudence supports a more expansive view, which is consistent with the basis of the doctrine. The more expansive view is that the natural bond of love and affection flows from a parent to child, irrespective of the age of the child, and this does not change, regardless of social, political, or economic constraints or changes. Therefore, it is argued that the doctrine is still a useful tool in the judicial toolbox for resolving family disputes today. As a result, the author does not support the relegation of this doctrine to the annals of history, because to do so would be to ignore the realities of contemporary economic pressures.

Regarding the temple worship in Kerala, there have been certain controversies existing from the formation of the Devaswom Department or some years before its formation. Through historic struggles, the Hindu population of Kerala gained freedom of worship, but still there are hurdles in preserving this freedom in the true sense. It is paradoxical that even at the 83rd anniversary of the Great 'Temple Entry Proclamation' and the centenary of Sahodaran Ayyappan's 'Misra Bhojanam' (common dining); Kerala temples become centres of caste, and gender based discrimination to the devotees. These centers of spirituality are today met with several grave issues like mismanagement, favoritism, misappropriation of funds, etc. The appointment of non-Brahmin priests in state owned temples, restriction for women of a particular age group to enter and worship in Sabarimala temple, denial of entry to non-Hindus in certain temples, etc. are the issues that widely discussed today.

Temples in Kerala have been all the time, amazing factors in the society for their uniqueness in tradition, customs, rituals, festivals, art, architecture, mural paintings, etc. It is believed that most of the ancient Hindu temples in Kerala have been consecrated by Parasurama, the sixth incarnation of Lord Vishnu. According to legend, after the departure of Parasurama, the Brahmins became the virtual rulers of the land. They divided the land into several Desams, and in each, they erected a temple, consecrated it and placed an image in them, and performed the prescribed rituals. The ownership of Hindu temples became the bone of contention for the temples that were associated with power in the locality. In the course of the conflict for the ownership of temples, the management of several of them became disorderly, and the state had, in consequence, to assume their control through the exercise of its paramount melkoima right. This paper is a historical analysis of the role of temples in society and the evolution of temple administration in the erstwhile Travancore state.

Temples in Kerala are centres of spirituality, but now a days, their administration faces several grave issues. The temples were once the wealthiest institutions in the society, now struggle for their day to day affairs. After the assumption of temples by the state, their properties became confiscated to the exchequer. For compensating this, government provides financial assistance to the temples in the form of annuity, which is inadequate. Temples have to depend on the mercy of the devotees for their survival. Temples in Kerala today, facing several serious issues, most of them are economic and political rather than spiritual. Politicisation of temple administration is the most important one that adversely affects temple administration. There is an ongoing debate in Kerala over the management of Hindu temples by the state. Political interference over temple administration, mismanagement of funds raised through contributions from devotees,

Temples in Kerala have been all the time, amazing factors for their uniqueness in structure, art, rituals, tradition, customs, festivals, architecture, mural paintings etc. Regarding temple administration, there have been certain controversies existing from the formation of the Devaswom department or some years before its formation. Devaswom Boards are constituted for the administration of temples in the state and the members of these bodies are appointed merely on the basis of their political ideology and not of their belief in God or temple worship. Through historic struggles, the Hindu population of Kerala gained freedom of worship, but still, there are hurdles in preserving this freedom in the true sense. It is paradoxical that even at the 81st anniversary of the Great 'Temple Entry Proclamation' and the centenary of Sahodaran Ayyappan's 'Misra Bhojanam' (common dining), Kerala temples become centres of caste, gender-based discrimination to the devotees. This paper is an attempt to examine the nature of temple administration; the various issues existing in the temple administration like unhealthy political interference, corruption, nepotism mismanagement, favouritism, misappropriation of funds etc. The appointment of non-Brahmin priests in state-owned temples, restriction for women of a particular age group to enter and worship in Sabarimala temple, denial of entry to non-Hindus in certain temples etc. are the issues that widely discuss today.

The paper is devoted to the new Czech Civil Code, thanks to which the Czech private law has experienced its greatest legislative change in the last fifty years representing its ultimate diversion from the socialist law principle. The author discusses briefly the development of Czech private law in general, as well as the recodification process. However, the focus of the paper lies mainly in the presentation of the new Czech Civil Code to the public of Visegrad Group countries. The aim of the presented paper is to provide a complex and unbiased view on the new Czech Civil Code, which in some respects may serve as an inspiration for the drafters of the new Slovak and Polish Civil Code.

This study provides a diachronic comparative overview of how the law of debt has been applied by certain institutions in Italy. Specifically, it offers historical and comparative insights into the public performance of sanctions for insolvency through shaming and customary practices in Roman Imperial Law, in the Middle Ages, and in later periods.
The first part of the essay focuses on the Roman bonorum cessio culo nudo super lapidem and on the medieval customary institution called pietra della vergogna (stone of shame), which originates from the Roman model.
The second part of the essay analyzes the social function of the zecca and the pittima Veneziana during the Republic of Venice, and of the practice of lu soldate a castighe (no translation is possible).
The author uses a functionalist approach to apply some arguments and concepts from the current context to this historical analysis of ancient institutions that we would now consider ridiculous.
The article shows that the customary norms that play a crucial regulatory role in online interactions today can also be applied to the public square in the past. One of these tools is shaming. As is the case in contemporary online settings, in the public square in historic periods, shaming practices were used to enforce the rules of civility in a given community. Such practices can be seen as virtuous when they are intended for use as a tool to pursue positive change in forces entrenched in the culture, and thus to address social wrongs considered outside the reach of the law, or to address human rights abuses.

This chapter explains the reasons why a trust must be completely constituted in order to be valid and discusses the steps that must be taken in order to constitute a trust. Constitution matters because the beneficiaries of an incompletely constituted trust are ‘mere volunteers’ and therefore will not be assisted by equity. In other words, they do not have any rights in the trust property and thus cannot enforce the trust in court. Following the law, equity ‘will not assist a volunteer’ and ‘will not perfect an imperfected gift’. In order to have a ‘perfect’ gift, the donor must actually complete the disposition of the subject matter in favour of the intended donee or execute a formal ‘deed of gift’. The chapter also considers various modes of constitution of trusts, the court ruling in Strong v. Bird, and gifts made in contemplation of death.

Titles in the Casebook on series provide readers with a comprehensive selection of case law extracts for their studies. Extracts have been chosen from a wide range of historical and contemporary cases to illustrate the reasoning processes of the courts and to show how legal principles are developed. This chapter observes that there is no formality for the inter vivos creation of an express trust; considers the formalities relating to the testamentary creation of an express trust and examines how secret trusts and mutual wills bypass testamentary formality requirements; examines the formalities required for dealings with equitable interests under trusts and determines whether a dealing with an equitable interest under a trust is a 'declaration' of a subtrust or an outright 'disposition' of the equitable interest; and considers when a trust will be void for reasons of public policy, including on grounds of perpetuity or illegality. It shows that the traditional justification for formality requirements is the prevention of fraud, but it is arguable that their most significant use has been as a basis for raising taxes.

Titles in the Casebook on series provide readers with a comprehensive selection of case law extracts for their studies. Extracts have been chosen from a wide range of historical and contemporary cases to illustrate the reasoning processes of the courts and to show how legal principles are developed.Equity is a body of law developed originally by the old Court of Chancery in constructive competition with the common law courts, but now applied (since the Judicature Acts 1873-75) by the unified Supreme Court of England and Wales. The function of equity is to restrain or restrict the exercise of legal rights and powers in particular cases, whenever it would be unconscionable for them to be exercised to the full. This chapter examines the utility of equitable maxims, the operation of equitable doctrines, and the award of equitable remedies.

The question for the United Kingdom Supreme Court was whether a bribe or secret commission received by an agent could be held by the agent on trust for his principle, or whether the principle merely had a claim in equitable compensation for a sum equal in value to the bribe or the commission. This was a very important decision, not least because it has given rise to a great deal of academic commentary and judicial inconsistency over the last 200 years. The decision is also important in practical terms. If the bribe/commission is held on trust for the principle, then the principle has a proprietary claim to it, whereas if the claim results merely in equitable compensation, then there is no proprietary claim. This difference is important because if the agent becomes insolvent, then the proprietary claim would give the principle priority over the agent's unsecured creditors. Whereas if the claim were for equitable compensation, then the principle would rank equally with other unsecured creditors, or pari passu. Further, if there is a proprietary claim, then the principle may trace in equity, whereas an equitable compensatory claim will have no right to trace in equity.