Whether a particular cause of action belongs to the debtor so that it constitutes "property of the estate" depends upon state law. If the debtor could have raised a state claim at the commencement of the bankruptcy case, then that claim is the exclusive property of the bankruptcy estate and cannot be asserted by a creditor. If the cause of action does not explicitly or implicitly allege harm to the debtor, then the cause of action could not have been asserted by the debtor as of the commencement of the case, and thus is not property of the estate.  Whether a third party commits an independent wrong against the trust or participates in the trustee's breach of fiduciary duty, a trustee who has committed a breach of trust can nonetheless pursue a cause of action against the third party, although in this circumstance the beneficiary may as well. Ordinarily, this rule would permit the debtor's bankruptcy trustee to sue third parties who participated in a prepetition breach of trust.  However, because the third party was not a bona fide transferee for value, the transferred funds remain subject to the prepetition trust, and the recovery of the funds would benefit only the trust beneficiaries, and not the general unsecured creditors of the bankruptcy estate.  This fact eliminates the bankruptcy trustee's standing to seek recovery, since the bankruptcy trustee is authorized to act only for the benefit of the bankruptcy estate, and not for the benefit of third parties.