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







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