Protection of trustee against claims, Financial Accounting

PROTECTION AGAINST CLAIMS

The trustees may protect themselves against claims after discharge in the following ways:
 
1. As regards liability for rent and other obligations under a lease or rent charge, they may pay all outstanding liabilities and make provision for fixed and ascertained future claims, and may then distribute the property to a beneficiary or purchaser entitled thereto without any further provision S.28.
 
2. Before conveying or distributing the trust property they may advertise for claims in the Gazette and a local paper requiring interested parties to send in particulars of their claim within a stated time, being not less than 2 months, and are not liable after the time limited in the advertisements to persons of whose claims they have no notice; but they must make all proper searches and enquiries S.29.

3. They may pay into court monies or securities remaining in their hands, and the receipt of the appropriate officer of the court operates as a good discharge S.63.

Posted Date: 12/14/2012 12:01:38 AM | Location : United States







Related Discussions:- Protection of trustee against claims, Assignment Help, Ask Question on Protection of trustee against claims, Get Answer, Expert's Help, Protection of trustee against claims Discussions

Write discussion on Protection of trustee against claims
Your posts are moderated
Related Questions
WyseFinance maintains a non-current asset register for recording information for non-current assets for a business. The business is registered for VAT. The following is a purcha

VESTING OF PROPERTY IN TRUSTEES The settlor must transfer the property to the original trustees in the proper legal manner. Similar transfers must be made on a change of truste

You have recently been promoted to assistant audit manager in SHAUNA & Co, a firm of Chartered Certified Accountants. Your first assignment in this new role is to supervise the aud

There are two projects A and B. The initial capital outlay of A and B are Rs.1,35,000 and Rs.2,40,000 respectively. There will be no scrap value at the end of the life of both the

Below given th einformation of the stock calculate the required return of the stock. Dividend = $4.50 every year Current sales price of stock = $ 79.85 per share Formul

QUESTION 1: The Alpha Company Ltd was registered with Nominal Capital of 60,000 Equity shares of Rs.10 each. The following were the ledger balances on 31st March 2011.

March and has already accumulated $30,000 in manufacturing costs, Job B and order for 10,000silver medallions, was not started until April. Transactions for these jobs are the foll

Q. Given the following data, what is net income?  (Note: Not all items shown below will be included in income.) Cost of Goods Sold 8 Accoun

a) A Treasury bond that matures in 10 years has a yield of 6%. A 10-year corporate bond has a yield of 8%. Suppose that the liquidity premium on the corporate bond is 0.4%. What is

(a)  In order to obtain free cash flow to equity (FCFE), the two adjustments that Shaar must make to cash flow from operations (CFO) are  i.   CFO does not consider the inves