Abstract
In Byers v Saudi National Bank [2022] EWCA Civ 43 the Court of Appeal examined a seemingly straightforward question: where rights are dissipated in breach of trust, is it a necessary condition of the recipient being liable for ‘knowing receipt’ that the dissipation did not extinguish the beneficiary's rights? The answer sheds considerable light on the juridical nature of liability for ‘knowing receipt’. This note argues that the Court of Appeal's analysis correctly supports the theory that so‐called ‘recipient’ liability is in fact a species of liability for breach of trust. It also examines the implications of that conclusion for the elements of, and remedies for, ‘knowing receipt’.
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