Halifax Building Society v Thomas [1996]

Mortgage loan obtained from building society by
fraudulent misrepresentation.
Was argued that profit derived from fraud was held on
constructive trust for the victim.
Court of Appeal rejected this argument.
The Building Society’s loan had been fully repaid out
of the proceeds of sale of the mortgaged property.
Unjust enrichment was not at the Building Society’s
expense and they were not entitled to surplus proceeds of sale.