Are proceeds of stock sold in cash to the trustee entitled to be returned to the Trustee?
Saskatchewan, Canada
The following excerpt is from Kern Agencies, Limited (Re), 1932 CanLII 223 (SK QB):
The proceeds of stock sold that were forwarded in cash to the trustee stand, in my opinion, on the same footing as the shares that were forwarded; for it is a well-established principle that, as long as the proceeds of trust funds can be traced, cestuis que trustent are entitled to follow such proceeds. See Sinclair v. Brougham [1914] A.C. 398, 83 L.J. Ch. 465.
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