This new edition of this comprehensive text has been substantially updated in the light of developments since the last edition. The main changes include treatment of Trustee legislation enacted in 1999 and 2000, the state of play in the dynamic area of tracing, and constructive trusteeship and restitution. Containing extensive reference to contemporary views, this book contextualizes the key issues which are currently influencing and informing the subject's development and direction. It also has suggestions for further reading that encourage students to engage effectively with the latest literature on the subject.