entirely consistent. The common defences to an equitable tracing claim are: good faith purchaser for value and without notice dissipation discharge of a debt (such that the proceeds are no longer traceable and there is no substitute asset) innocent change of position (usually, but not always, by an innocent third party) Importantly, in each case it is only the remedy of tracing that is lost. The claimant may well still enjoy a personal claim against the wrongdoer, even though they may have lost their proprietary right to trace into substituted assets. Remedies In common law countries there are a variety of remedies that can be imposed when the court is satisfied that an equitable tracing claim has been made. The principal remedies are: an election to take the property (or a resulting trust) an equitable charge over the property an account of profits, secured by an equitable lien a constructive trust If an asset appreciates in value, the claimant may be well advised to claim proprietary right in the asset (no.1 and 4). If an asset depreciates in value, the claimant would be better off if he acquires a charge or lien over the asset (no. 2 and 3) as he can still enforce the whole amount of the charge against the asset and recover the balance via a personal action. See also Macmillan Inc v Bishopsgate Investment Trust plc (No 3) Taylor v Plumer [1815] 3 M & S 562 Tracing in English law Notes References Lionel Smith, The Law of Tracing, 1st ed., OUP Equity (law) Judicial remedies Legal terminology Property law Restitution