Contribution and indemnity-breach of law-trust laws, Financial Accounting

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; or a complete indemnity against -

  1. A trustee who actually committed and obtained the benefit of the breach; or
  2. An advocate trustee who advised the breach; or
  3. A trustee who is also a beneficiary, to the extent of his beneficial interest.
Posted Date: 12/15/2012 12:23:16 AM | Location : United States







Related Discussions:- Contribution and indemnity-breach of law-trust laws, Assignment Help, Ask Question on Contribution and indemnity-breach of law-trust laws, Get Answer, Expert's Help, Contribution and indemnity-breach of law-trust laws Discussions

Write discussion on Contribution and indemnity-breach of law-trust laws
Your posts are moderated
Related Questions
Disclaimer of leases In principle where the bankrupt is a lessee the lease cannot be disclaimed without leave of the court; but such leave is not required in the following case

MUTUAL DEALINGS A right of set-off is allowed where there have been - (a) Mutual credits, debts or other dealings resulting in pecuniary liabilities, (b) Between the debtor an

McM Cog is a supplier of industrial parts.  Most orders are received at a call center. The call center currently has 10 phone lines total, i.e., a maximum of 10 callers may be in t

Dissolution If the winding up continues for more than a year, the liquidator must file progress reports with the registrar at such intervals as the court may prescribe s.333. W

Use the data from "Beating the Market Quarterly" problem. Use that data to estimate expected returns and a covariance table for the 5 stocks from that problem. Use your estimates t

petra corporation purchased P4,000 worth of merchandise on account terms 2/10, n?30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice.

Wendy is evaluating a capital budgeting project that should last for 4 years. The project requires $ 800,000 of equipment. She is unsure what depreciation method to use in her anal


Closing Entries: Expenses Below is a list of accounts with corresponding ending balances. Account: Account Balance a.Insurance Expense: $1,300 b.Cash: 750 c.Accounts Receivable: 4,

Introduction to Pension funds Pension funds are normally set up to provide pension benefits to employees who have retired. The pension funds receive contributions mainly from e