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A is the beneficiary of a trust. B is trustee . B uses £20,000 of the trust money to pay a debt she owes to C. After the transfer, C has £30,000 in her bank account. C uses £5,000 to invest in shares which double in value and another £5,000 to pay off debts.
So would First in, first out rule apply. if yes, Party A's money would be C account right? like 20k in C account, so how would we claim 20k.
Thank you
So would First in, first out rule apply. if yes, Party A's money would be C account right? like 20k in C account, so how would we claim 20k.
Thank you
Last edited by sdad; 1 month ago
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(Original post by sdad)
A is the beneficiary of a trust. B is trustee . B uses £20,000 of the trust money to pay a debt she owes to C. After the transfer, C has £30,000 in her bank account. C uses £5,000 to invest in shares which double in value and another £5,000 to pay off debts.
So would First in, first out rule apply. if yes, Party A's money would be C account right? like 20k in C account, so how would we claim 20k.
Thank you
A is the beneficiary of a trust. B is trustee . B uses £20,000 of the trust money to pay a debt she owes to C. After the transfer, C has £30,000 in her bank account. C uses £5,000 to invest in shares which double in value and another £5,000 to pay off debts.
So would First in, first out rule apply. if yes, Party A's money would be C account right? like 20k in C account, so how would we claim 20k.
Thank you
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