Tracing

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Tracing

An equitable remedy that allows persons to track their assets after they have been taken by Fraud, misappropriation, or mistake. The remedy is also used in Bankruptcy, commercial transactions, and property disputes in marital dissolution cases.

Persons who have been victims of fraud, misappropriation, or mistake may reclaim their property through the equitable remedy called tracing. Tracing makes such victims secured creditors in bankruptcy claims, which means by law they are the first to claim their share of a bankrupt's assets. Tracing can be invoked only if two requirements are met: victims must be able to identify their property and must show that they have a claim of restitution in kind. This means a victim must prove that he has interest in a specific property and that he is not simply someone to whom the defendant owed a debt. Once an individual satisfies these requirements a bankruptcy court will declare that the property never belonged to the person in bankruptcy, so it does not belong to the bankruptcy trustee, who distributes the proceeds to the bankrupt's creditors.

The tracing of assets can be difficult once money is moved into bank accounts or property is sold and the proceeds used to purchase other property. However, there are many tracing rules that aid courts in determining if and how much a person can recover. For example, if a person is defrauded of real estate and the perpetrator of the fraud sells the property and invests the proceeds in corporate stock, the victim may be able to claim the stock. The victim could not use tracing to recover the real estate from a third person who was a Good Faith purchaser (i.e., the individual did not know that the seller had defrauded the victim) and had paid a reasonably equivalent value.

The Uniform Commercial Code (UCC) gives secured creditors the right to trace their collateral into proceeds of its sale and to trace these proceeds through commingled bank accounts. Therefore, if a business pledges their fleet of trucks to secure a loan, the creditor is entitled to the proceeds of the sale of the trucks by the debtor.

Tracing is also used in Family Law where a divorcing Husband and Wife had separate assets before and during the marriage. Tracing can be used to determine if these assets have been commingled, such as joint contributions toward the purchase of a home. In this area, as in other fields covered by tracing, the rules can become very complex and require the testimony of expert witnesses versed in accounting and sophisticated financial transactions.

See: boundary, copy, delineation, outline, pattern
References in periodicals archive ?
Given the rarity of category III tracings ("abnormal"), it is likely that category II tracings ("indeterminate") account for most of the cesarean deliveries performed out of concern for fetal acidemia (Obstet Gynecol.
17) This approach would ensure that all providers on labor and delivery are qualified to read, accurately interpret, and respond to FHR tracings.
Among 100 cases, normal tracings was observed in 71%.
Further complicating matters, when Phelps trades a drawing, she reaches back into her archive for the records from the day it was made to alter them by adding a tracing of the piece, which is considered a second- or third-generation drawing that can also be sold.
You may want to use a straight edge when tracing straight lines.
Older alternating-current (AC) recorders provide reliable tracings, but those that were designed with a short time constant can produce tracings that appear to represent nystagmus, but which are actually artifact.
BCGs are similar graphic tracings but are of temperature related to blood flow within the breast.
An hour after fetal distress was first noted, the ObGyn reviewed the monitor tracings from offsite and advised the patient to stop pushing.
Classifications for fetal heart rate patterns were developed 4 years ago in an effort to bring more clarity and meaning to the interpretation of fetal heart rate tracings.
VisionLink is currently in use nationwide by optical dispensaries, improving turnaround time by transmitting eyeglass prescriptions and frame tracings directly to their lens lab's computer over the Internet.
For more than 12 hours, external fetal monitor heart-rate tracings were reassuring.
However, the pervasive use of electronic fetal monitoring in obstetric practice has been challenging because of a lack of standardized nomenclature for heart rate assessment and clear guidance about how to interpret and manage various types of tracings.