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Trust Property and Conversion: an Equitable Confusion

Suppose a collection of ictures is held by a trustee T on trust for beneficiary B. A picture is stolen by X, a thief; or alternatively, it is wrongfully sold by T to Y. What causes of action are open to B? At first sight this looks an easy question, involving straightforward application of the principles of equity and personal property. In the former situation (the theft example), T, who has the legal title, can clearly sue X in conversion. As for B, he in his capacity of equitable owner can no doubt force T to do so, if necessary by himself bringing proceedings against X and joining T as a party. In the second case, that of wrongful sale, T is clearly guilty of a breach of trust and liable to compensate B accordingly. As to the liability of Y, B will be able in equity to recover the picture from him in specie he has it, or its value if he does not (assuming Y's acts were sufficient to make him liable on the basis of “knowing receipt” of trust property).