411 REFERENCE · Wiktionary
Quistclose trust
Reference material by Wiktionary contributors. This retains its source identity and is not 411 news reporting.
English
Etymology
In reference to the 1968 case of Barclays Bank Ltd v Quistclose Investments Ltd.
Noun
en legal A trust created where a creditor has lent money to a debtor for a particular purpose. If the debtor uses the money for other purposes, it is held on trust for the creditor. Any inappropriately spent money can then be traced and returned to the creditor.