Judgment was delivered yesterday by the Court of Appeal in Byers v The Saudi National Bank [2022] EWCA Civ 43. The decision is an important one on constructive trustees and knowing receipt in which the court unanimously rejected the argument that liability could arise where an individual benefited from trust property regardless of whether he had actually received the property. Liability would not, therefore, arise (to use an example provided by counsel) where a trustee had wrongfully spent trust money on a holiday for the defendant and none of the money had ever passed through the defendant's hands.
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