Protection of trustee against claims, Financial Accounting


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
Division of the trust The safeguards consist in the division of the trust funds into portions.  Before this division takes place, the investments are revalued in order to deter

Tyler Smith has worked in an upholstery shop for 10 years. Tyler's wages were $20,000. Lately, Tyler has been unhappy with the shop's owner. Convinced that he could run an upholste

1. Lett Corp declared and issued a 15% stock dividend when they had 100,000 shares of common stock issued and outstanding. The market price of the stock was $20 per share on the de

Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank's swap trading desk

can a company reissue a share at discount which was earlier issued at discount

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

CONSOLIDATED BALANCE SHEET The consolidated balance sheet involves adding assets and liabilities of the subsidiary to those of the holding company while excluding inter-company

Natasha's income is $300 per month. She spends all of it on tickets to concerts and films. A concert ticket costs $15 and a fi lm ticket costs $10. Her marginal rate of substitutio

Format of the Balance Sheet It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should b

Describe the concept of full cost recovery with illustrative examples.