An innocent volunteer who holds traceable proceeds of misappropriated funds is liable to restore the value of the proprietary benefit retained at the relevant time (when notice of the claim is received), not the amount originally received. This liability exists both at common law (money had and received) and in equity, independently of Barnes v Addy knowing receipt liability. Farah Constructions does not preclude such claims where the volunteer holds identifiable traceable property. The scope of authority given to an agent to operate a bank account does not extend to depositing or withdrawing misappropriated funds, and mere deposit and withdrawal through an account does not constitute receipt by the account holder who is unaware of the transactions.
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