it is his, but because it is derived from a fund which is treated as if it were subject to a charge in his favour". A limitation is that where the property has been put into a bank account that no longer contains enough money to repay it, it cannot be traced. For equitable tracing to be valid, several things must be demonstrated. First, the equitable title must exist; it can be brought into existence by the courts, such as in Constructive trusts. Secondly, there must be some kind of fiduciary relationship between the claimant and the defendant. If the property was transferred through breach of trust, it will not be necessary to establish such a relationship, because it already exists. In addition, property transferred through breach of trust may be traced to any third party (other than a purchaser in good faith), even if they did not previously have a fiduciary relationship with the claimant. Historically, the courts have been willing to be "generous in finding that the necessary fiduciary relationship existed", even going so far as to recognise relationships that did not exist at the time of the transfer. Mixture of trust funds with trustee's funds Equitable tracing's greatest strength is its ability to trace into mixtures of money. Different rules apply in different situations; where the money has been mixed with the money of a trustee, where a trust fund has been mixed with another trust fund (or money belonging to an innocent volunteer), and where money has been transferred by mistake rather than malicious intent. Where the money has been mixed with the money of a trustee, the court's decision depends on the motive of the trustee. Because a trustee is expected to invest trust property and behave honestly, the courts may choose to find that the trustee transferred the money to further the goal of the trust. Since the trustee is assumed to behave honestly, any profits made may be assumed (by this "convenient fiction") to be made by the trust money, and any losses from the trustee's personal funds. The alternate approach taken is the "beneficiary election" approach. This is that where trust funds are wrongly mixed with the trustee's personal funds, used for an investment, and the money is thus not recoverable, the beneficiaries are allowed to "elect" whether the investment is to be held as a security for the amounts owed to