Abstract/Summary

Reflects on the continuing role of fiduciary obligations (FOs) in equitable tracing, and why a purely property-based model is insufficient. Compares key elements of the competing FO and property models of tracing, and details the development of FO models since the 18th century, the flexibility they offer, and their role where trustees mix trust money with their own but preserve the value of the trust. Suggests why both models have a role to play.