Remedies available to beneficiary-breach of trust, Financial Accounting

Remedies available to beneficiary

1) Injunction - to prevent unauthorised action by trustees;

2) Personal action - a trustee is only liable for his own acts and defaults, and not for those of an agent or co-trustee unless these take place with his knowledge or by reason of his own "wilful defaults" (re Munton).

If a trustee commits a breach of trust he must -

  • Make good any capital loss, with interest at 4% or 5% if he has used the money for his own purposes or been guilty of fraud, and
  • Account for any profit he has made.

 

3) Criminal liability for fraudulently converting trust property.

Posted Date: 12/15/2012 12:18:30 AM | Location : United States







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