Following Gerace, equity applies a statutory limitation period by analogy to a claim for equitable compensation where the equitable claim closely corresponds to a statutory claim, and the only exception is unconscionability (such as fraudulent concealment) — there is no broader residual discretion. Section 27(1)(a) of the Limitation of Actions Act 1974 (Qld), which excludes limitation periods for fraudulent breach of trust, does not apply to claims against dishonest assisters or knowing recipients who are not trustees in the institutional sense. For limitation purposes, time runs from when the plaintiff knows the facts founding the claim, not from when those facts are judicially determined.
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