[I]t must not be forgotten that the rules of Courts of Equity are not, like the rules of the Common Law, supposed to have been established from time immemorial. It is perfectly well known that they have been established from time to time—altered, improved, and refined from time to time. … No doubt they were invented for the purpose of securing the better administration of justice, but still they were invented…. The doctrines are progressive, refined and improved; and if we want to know what the rules of equity are, we must look, of course, rather to the more modern than the more ancient cases.1

The constructive trust is a marvellous creation of equity, capable of performing many different roles. Traditionally its principal role has been one of preserving equitable proprietary interests. When linked with equitable tracing rules, the constructive trust has provided valuable protection for the otherwise vulnerable equitable proprietary interest. Influenced by the views of Lord Goff of Chieveley and Professor Jones, the constructive trust is now in the process of obtaining a new role—becoming a means by which the courts can “create de novo an equitable interest in, or over, certain assets because it is just that the plaintiff should enjoy the additional benefits which flow from the recognition of a right of property”.2