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







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