Hi Dave,
This is what I think has been happening and over a long period, others may disagree.
The V12, unlike the 6 cylinder cars, has the two brake reservoirs at significantly different heights (probably about a foot without measuring it), the one feeding the master cylinder and front brakes on the bulkhead, the other much lower feeding the servo and rear brakes and buried almost out of sight, as you found, on the splashshield behind the LH front wheel.
Fluid has been transferring from the upper reservoir to the lower and as you surmise, in the past the upper has simply been topped up while fluid was lost from the lower, initially that would have been via the fluid level "tell tale" rod in the cap and around the cap thread which over a long period of contact with moisture in the air, due to being overfull, has lead to the cap corroding through.
Fluid transfer can occur in two ways, statically due to the pressure difference between the upper and lower reservoirs and dynamically when the brakes are in use but both due to a worn seal, bore corrosion or both but only in the servo.
If you look at the diagram below you will see that the two reservoirs are separated by the seal on the servo slave piston (marked O). If moisture has been present in the brake fluid over a long period, corrosion of the bore here will have occurred, potentially providing a path for fluid to transfer between the systems. This may only be in a position with the system at rest when the difference in reservoir height will drive fluid transfer or it may be during use when the piston will have moved to a different position in the bore and fluid from the master cylinder could transfer. It could be a combination of both.
Hope this helps
Bob
