A volunteer recipient of registered title derived from a wrongdoer who misappropriated trust or partnership funds is protected by indefeasibility under s 42 of the Real Property Act 1900 (NSW), provided the volunteer's registered interest was not acquired pursuant to a transaction tainted by the volunteer's own unconscionable conduct. The in personam exception does not apply merely because the volunteer later acquires knowledge of the misappropriation. Partnership accounting claims are subject to the six-year limitation period under s 15 of the Limitation Act running from dissolution, but claims for an account of profits from trust property are subject to s 47 with time running from discovery of the relevant facts.
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