Tracing Through Exchanges. Direct Exchange - P can trace through direct exchanges as in Problem 8-1 – direct exchange of stock-cash-stock . Exchanges & Commingling If D commingles P’s stolen cash with his own, P must use the tracing fictions/presumptions: D spends his own $ first
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1 & 3 can be used at P’s election to maximize P’s recovery although can only use in “real time.” 2 must be used as it is stated.