Defence of trustee-breach of trust-trusts laws, Financial Accounting

Defence of trustee
 
1) He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused;

2) He may also be released by any beneficiary, being sui juris and with knowledge of the facts, from liability to that beneficiary only;

3) Lapse of time: an action for breach of trust is statute-barred after six years except when a beneficiary under a disability, such as infancy, when time does not begin to run until the disability ceases: moreover there is no limitation periods where:

  • Trustee was fraudulent; or
  • To recover from the trustee trust property or the proceeds thereof in his possession or previously received by him and converted to his own use.
Posted Date: 12/15/2012 12:21:45 AM | Location : United States







Related Discussions:- Defence of trustee-breach of trust-trusts laws, Assignment Help, Ask Question on Defence of trustee-breach of trust-trusts laws, Get Answer, Expert's Help, Defence of trustee-breach of trust-trusts laws Discussions

Write discussion on Defence of trustee-breach of trust-trusts laws
Your posts are moderated
Related Questions
like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?


An introduction to the company, which focuses on the context in which the company operates: • Ownership, development and location; • Resources, processes and employment; •

Moore Corportation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corportation uses the nearest ful

Ortiz Motors sponsors a defined-benefit pension plan for its employees. On January 1, 2013, the company's records showed the following account balances relevant to this plan: Plan

Question: Andrew Hegel manufactures garments in his Malagasy Factory. In an effort to remain competitive he continually switches between suppliers.. This has resulted in extra


Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . .

Assets   1) The classification of investments in the Balance Sheet will be under a few broad headings with schedules listing the individual assets. Where the Trustees Act has been

Jensen Company has the following situation: Sales Price: $40 per unit Variable Cost Per Unit: $25 per unit Fixed Costs: $20,000 Units Sold: 4,000 Jensen is considering lowering the