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

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