Breach of trust-trusts laws and accounts, Financial Accounting

BREACH OF TRUST

Remedies available to beneficiary: Injunction, Personal action, Criminal liability.

Defence of trusts: He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; He may also be released by any beneficiary, being sui juris and with knowledge of the facts, from liability to that beneficiary only.

Contribution and indemnity
: Generally the trustees are jointly and severally liable to the beneficiaries and a trustee sued may claim contribution from the others where although two or more trustees are liable, one has paid more than his fair share of the loss.

Posted Date: 12/15/2012 12:15:48 AM | Location : United States







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