Where property has once been impressed with a trust, the quality inheres therein and in the proceeds thereof so long as the trust relation continues, provided the rights of a bonafide purchaser for value and without notice do not intervene and identification remain possible. The trust impress, in the absence of a superior equity, at once places property in the preferred class. In equity, trust property belongs to the cesiui que trust, and his claim to it cannot be defeated by the insolvency or dishonesty of the trustee, if it constitutes, in an identifiable form, a part of the trustee's estate. It goes without saying that, under such circumstances, it is beyond the reach of the general creditors of the trustee.
Hutchins, Harry B. "Preferences Arising from Trust Relations." Mich. L. Rev. 1 (1902): 1-16.