> Does anyone have any idea where I might learn about this algorithm - or
> indeed any algorithm which does the job.

Just as Perry mentioned, look into Shamir Secret Sharing.
There are also implementations of this, see for example
http://www.astro.gla.ac.uk/users/norman/distrib/tontine.html
(I'm not certain if I ever used that one in particular, so I don't know if
it's good,
but I'll let you do the research...).

--Anton


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