Plaintiff (Chase) mistakenly paid $2m to a bank, which
it in turn paid to defendant.
it in turn paid to defendant.
Defendant subsequently went into liquidation.
Plaintiff sought to trace mistaken payment into
defendant’s assets in priority to the general creditors.
defendant’s assets in priority to the general creditors.
Divisional Court held mistaken payment gave rise to
constructive trust which entitled plaintiff to trace the money.
constructive trust which entitled plaintiff to trace the money.
