A personal claim against an insolvent trustee may be worthless, which is why the ability to assert rights over the property itself matters so much. This chapter starts with the nature of a proprietary claim, the steps a beneficiary must complete to bring one, and the effect of dissipation, before working through the tracing rules for mixed bank accounts, including the presumptions against a wrongdoing trustee and the lowest intermediate balance rule. It then examines the two principal remedies — the equitable charge and the constructive trust — and when each is the better choice, along with combining proprietary and personal claims and acquiring a security interest through subrogation. It closes with the defence of the bona fide purchaser for value without notice, its elements, and the types of notice that defeat it.
