Lankshear v ANZ Banking Group (New Zealand) Ltd - [1993] 1 NZLR 481

Trusts and trustees — Constructive trust — Knowing receipt — Knowing assistance — Plaintiff's deposit into payee's account for purpose of current development — Substantial portion of deposit applied by bank to extinguish payee's overdraft — Balance used by payee in payment of accounts unrelated to current project — Whether bank liable as constructive trustee as knowing receiver of deposit — Whether bank liable as constructive trustee for knowingly assisting in payee's disbursement of funds — Whether Quistclose trust created — Whether bank liable for lost profit — Whether plaintiff contributed to loss.

Bankers and banking — Banker as constructive trustee — Knowing receipt — Knowing assistance — Plaintiff's deposit into payee's account for purpose of current development — Substantial portion of deposit applied by bank to extinguish payee's overdraft — Balance used by payee in payment of accounts unrelated to current project — Whether bank liable as constructive trustee as knowing receiver of deposit — Whether bank liable as constructive trustee for knowingly assisting in payee's disbursement of funds — Whether Quistclose trust created — Whether bank liable for lost profit — Whether plaintiff contributed to loss.