Beneficiaries can hold third parties liable through proprietary and personal remedies, primarily under constructive trust principles for knowing receipt or dishonest assistance.

• Knowing receipt: Where a third party receives trust property knowing it was transferred in breach, they are liable as constructive trustee. Requires actual or constructive knowledge (Baden v Société Générale [1993] 1 WLR 509). In Ghana, this applies if a bank like Ecobank receives misappropriated funds; beneficiaries can trace and claim.
• Dishonest assistance: Third parties assisting in breach (without receiving property) are liable if acting dishonestly (Royal Brunei Airlines v Tan [1995] 2 AC 378). Dishonesty is objective; no need for fiduciary relationship. Example: An advisor aiding a trustee’s fraud in Ghanaian pension trusts, violating BoG’s anti-money laundering directives.
• Tracing: Beneficiaries follow trust property into third parties’ hands, claiming it back if identifiable (Re Diplock [1948] Ch 465). Common law (legal title) or equity (mixed funds). In practice, during Ghana’s banking cleanup, beneficiaries traced assets from collapsed banks like Capital Bank.
• Personal claims: For unjust enrichment or damages, third parties repay value received.
• Limitations: Innocent volunteers protected; must prove knowledge/dishonesty.

Practical insight: In Ghanaian corporate trusts, this ensures accountability, aligning with Basel III risk management for banks handling trusts, preventing losses like in the 2017 insolvencies.

(Marks allocation: 5 marks per way, including explanation, cases, and practical examples; total 20.)