10.01 The subject of discussion in this chapter is the question whether, and if so under what circumstances, the obligation of a person who holds a fund impressed with a trust to account for the trust fund may be the subject of a set-off against a debt owing to that person in his or her personal capacity. It should be distinguished from the situation in which a beneficiary of a trust is obliged to contribute to the trust fund. That situation is not one of set-off, but rather of the application of a principle known as the rule in Cherry v Boultbee,1 which is...
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