The key is at 33: "The agent owes a duty of undivided loyalty to the principal, unless the latter has given his informed consent to some less demanding standard of duty. The principal is thus entitled to the entire benefit of the agent’s acts in the course of his agency. This principle is wholly unaffected by the fact that the agent may have exceeded his authority. The principal is entitled to the benefit of the agent’s unauthorised acts in the course of his agency, in just the same way as, at law, an employer is vicariously liable to bear the burden of an employee’s unauthorised breaches of duty in the course of his employment. The agent’s duty is accordingly to deliver up to his principal the benefit which he has obtained, and not simply to pay compensation for having obtained it in excess of his authority. The only way that legal effect can be given to an obligation to deliver up specific property to the principal is by treating the principal as specifically entitled to it. " If I bribe your agent with a jade chess set, what is his obligation to you? Is he obliged just to account for its value, or to transfer the right to the very thing he has acquired? If he happens to like jade chess sets, should he get the choice? Or should the principal be able to require that he transfer the very right with which he is bribed (or if he doesn't have that any longer, what traceably represents it)? My view is the latter. If that is correct, then there is a trust, because a duty to transfer a particular right to someone else is a trust. It doesn't matter that before the bribe occurred I had no title to the chess set, any more than it matters if I pay you for Blackacre that I had no prior title to it. Your duty to convey to me that right is a trust. Even more important was that we got a clear ruling one way or the other, rather than the contortions the CA had engaged in to try and reconcile the irreconcilable, or the nonsense position in some other jurisdictions that this is all just up to the judge. Everything else is just noise. Good. RS