Are proceeds of stock sold in cash to the trustee entitled to be returned to the Trustee?
Saskatchewan, Canada
The following excerpt is from Kern Agencies, Limited (Re), 1932 CanLII 223 (SK QB):
The proceeds of stock sold that were forwarded in cash to the trustee stand, in my opinion, on the same footing as the shares that were forwarded; for it is a well-established principle that, as long as the proceeds of trust funds can be traced, cestuis que trustent are entitled to follow such proceeds. See Sinclair v. Brougham [1914] A.C. 398, 83 L.J. Ch. 465.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Is a school trustee entitled to hold his office as a trustee in a rural school district where he lives and works his farm? (Saskatchewan, Canada)
What is the legal test for determining the proportion of a person entitled to be entitled to a share of the amount purchased? (Saskatchewan, Canada)
Is a plaintiff entitled to the highest price of stocks acquired in the interim? (Saskatchewan, Canada)
Can a beneficiary who was an adult, of sound mind, and entitled to the whole beneficial interest in a trust, compel the trustee to transfer the trust property to him? (Saskatchewan, Canada)
When is a variation proceeding not a corollary relief proceeding? (Saskatchewan, Canada)
Is an official receiver entitled to indemnity out of the estate of an insolvent? (Saskatchewan, Canada)
In what circumstances will the bank of a parish be required to return a cheque drawn on account of the parish? (Saskatchewan, Canada)
Can a creditor sue a trustee without the permission of the court? (Saskatchewan, Canada)
Is a vendor entitled to enforce a portion of the purchase money? (Saskatchewan, Canada)
How to proceed with an application to strike for want of prosecution? (Saskatchewan, Canada)
