Faulkner v. Hendy

103 Cal. 15 ·

Supreme Court of California · Filed

Published · citable

Holding

The court held that a trustee who commingles trust funds with personal assets and cannot account for profits derived from their use is entitled to a presumption favoring the beneficiary only when profits are reasonably ascertainable; where tracing profits becomes factually impossible due to the nature of the business and commingling, the beneficiary’s remedy is limited to legal interest on the misappropriated principal.

Source: cap_files. Verify against the official reporter before relying on this text.