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constructive trust
A constructive trust is an equitable remedy resembling a trust (implied trust) imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding legal right to property which they should not possess due to unjust enrichment or interference.〔Restitution, (Law School Help ), Retrieved on May 12, 2008Constructive Trust, (Law Library - American Law and Legal Information ), Retrieved on May 6, 2008〕
==Events generating constructive trusts==
In a constructive trust the defendant breaches a duty owed to the plaintiff. The most common such breach is a breach of fiduciary duty. A controversial example is the case of ''Attorney-General for Hong Kong v Reid'',〔() 1 AC 324〕 in which a senior prosecutor took bribes not to prosecute certain offenders. With the bribe money, he purchased property in New Zealand. His employer, the Attorney-General, sought a declaration that the property was held on constructive trust for it, on the basis of breach of fiduciary duty. The Privy Council awarded a constructive trust. The case is different from ''Regal (Hastings)'' because there was no interference with a profit-making opportunity that properly belonged to the prosecutor.
Being a Privy Council decision, ''Reid'' did not overrule the previous decision of the Court of Appeal of England and Wales in ''Lister v Stubbs''〔(1890) 45 Ch D 1〕 which held the opposite, partially because a trust is a very strong remedy that gives proprietary rights to the claimant not enjoyed by the defendant's other creditors. In the event of the defendant's insolvency, the trust assets are untouchable by the general creditors. Supporters of ''Lister'' suggested that there was no good reason to put the victim of wrongdoing ahead of other creditors of the estate. There was a tension in English law between ''Lister'' and ''Reid'' which was highlighted in ''Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd''.〔() EWHC 1614 (Ch)〕 The United Kingdom Supreme Court subsequently overruled ''Sinclair'' in ''FHR European Ventures LLP v Cedar Capital Partners LLC'',〔() UKSC 45〕 holding that ''Lister'' was no longer good law.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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