Nathan continues to hold the trust funds in the Commonwealth Bank Account: Nathan's past business activities come to haunt him when the Australian Tax Office chases him for unpaid taxes. Even once Nathan liquidates his own investments, he still owes a substantial amount to the tax office. And Nathan doesn't have enough money to fund the retirement lifestyle he had hoped for. As there is still a significant amount of money sitting in Frances' Fighting Fund, Nathan decides that no-one will notice if he moves some funds around.

Nathan logs on to his Commonwealth Bank portal and accesses the Frances' Fighting Fund. Nathan makes the following transactions:

• First, Nathan transfers $500,000 from the Frances Fighting Fund to his regular transaction account.
• Second, Nathan transfers $100,000 from his transaction account to the ATO.
• Third, Nathan purchases a set of high-value Pokemon cards for $3,000 dollars as a gift for his nephew, Adam. The Pokemon cards are delivered to Adam's home.
• Fourth, Nathan purchases a sculpture by Patricia Piccinini for $200,000. Renewed interest in Piccinini's work means that the value of the sculpture is now $250,000.

What proprietary remedies would Frances, as beneficiary of the trust, be entitled to?