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
The December 31, 2005, balance sheet of Far Imports includes the following items: The bonds were issued on December 31, 2004, at 97, with Interest payable on June 30 and December 3

Q. Show Advantages of financial intermediation? The advantages of financial intermediation are as follows Investors are able to pool their funds in a bank deposit account to

Q. Report on the management of foreign trade risks? Your company is probable to face three types of risk in connection with its foreign trade. These are as: (1) Foreign exch

Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as tehy prepare and issue financial statements. Let's start by getting an understanding of wh

Consider the following 2008 data for Newark General Hospitals (in millions of dollars Simple Budget_______Flexible Budget_ Actual Budget__ Revenue______$4.7$____4.8_____$4.5_

The twin objectives of inventory management are financial and operational. The operational objective implies that the materials and spares would be obtainable in sufficient quantit

Dissolutions situations There are two situations that need to be considered under dissolutions. These are:- 1) Where the assets are sold at once (one single transaction) 2) As

The following information is for the third quarter of this year:   Planned Actual   Production 92,000 units

The costs that follow were extracted from the accounting records of various different manufacturers: 1.    Weekly wages of an equipment maintenance worker 2.    Marketing costs

Proposals A, B, C, D, E, and F are being considered with money flows over 10 years. Proposal (A and D) are mutually exclusive, (C and F) are also mutually exclusive, and pr