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
Following the lines of the model by Ross (1977): I. Explain how firms may use their capital structure to generate a signal that conveys credible information about their future

Is goodwill a fictitious asset?

US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term

Using CAPM's formula, Return on equity = Risk-free rate + Beta*(Expected market return - risk-free rate) With the given information, Return on equity = 1% + 0.55*(8% - 1%)

The cost of debt must be based upon the current market cost of debt. Where different kinds of debt are used estimates of more than one debt cost may be necessary and these costs we

Illustration of maximum possible loss method A, B and C have been partners for several years, sharing profits and losses in the ratio 2:2:1. They decided to dissolve the firm o

Part A: The following information relates to Company A's defined benefit pension plan during the current fiscal year: Plan assets (beginning of the year) $400 (all number are in $m

What have been the dividends per share? What is the CAGR of dividends per share from 2008 to 2010? What was the retention ratio for 2008 to 2010? Calculate the DPS growth

Tony is a salesperson at a local auto showroom. He asks you to assist him in developing a tool for calculating purchase and lease payments. He has already developed a draft of the