Goddard v DFC New Zealand Ltd - [1991] 3 NZLR 580

Trusts and trustees — Constructive trust — Funds received by investment banker in ordinary course of its business — Instructions from depositor to banker as to payment out of funds — Whether banker trustee for depositor — Banker capitalising interest and re-investing on maturity contrary to instructions — Whether such intermeddling constituted banker constructive trustee of funds.

Bankers and banking — Banker as constructive trustee — Banker re-investing deposit funds on maturity contrary to depositor's instructions — Whether intermeddling constituted banker constructive trustee of funds.

Company law — Statutory management — Investment banker constructive trustee of funds re-invested by it — Whether funds held for beneficiaries of trust — Whether funds available to statutory manager.