This article addresses the nature of liability for knowing receipt of assets transferred in breach of trust, and argues that it is no different from liability for breach of trust. It arises because the recipient has obtained assets that are held in trust and, after becoming aware of the trust, has failed to perform the basic trust duties to preserve the trust assets and transfer them to the proper trustees. It is not a form of restitution of unjust or wrongful enrichment, so it should not matter whether the assets were received for the recipient’s own benefit.
