Catchwords:

EQUITY – tracing – holder of equitable charge seeks to trace into assets acquired with funds subject to crystallised charge – whether sufficient proprietary base to invoke right to trace in equity – whether antecedent breach of fiduciary duty required before a right to trace arises – whether underlying rationale for tracing is an interest in property or the existence of a breach of duty owed in respect of the property – whether Grimaldi v Chameleon Mining NL (No 2) (2012) 200 FCR 296 requires antecedent breach of duty

EQUITY – tracing – right of holder of security to trace into property acquired with funds subject of a security interest – whether right to trace distinct from right to trace in equity