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







Related Discussions:- Remedies available to beneficiary-breach of trust, Assignment Help, Ask Question on Remedies available to beneficiary-breach of trust, Get Answer, Expert's Help, Remedies available to beneficiary-breach of trust Discussions

Write discussion on Remedies available to beneficiary-breach of trust
Your posts are moderated
Related Questions
Public Oversight Board (POB) - POB is an independent oversight board, composed of public members that monitors and evaluates peer reviews conducted by SEC Practice Section (SECPS)

the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?

The common stock of the CC Corporation has been trading in a narrow price range of around $50 for months, and you are convinced it is going to stay in that range for the next 3 mon

Calculate Bond's Yield to Maturity Consider a coupon bond that has a $1,000 per value and a coupon rate of 10%. The bond is currently selling for $1,150 and has 8 years to mat

Question 1: (a) Define program evaluation. (b) Discuss the four types of program evaluation that are usually carried in the Public Sector. Question 2 (a) You have

Illustration: Holding company with direct share holding Rain Ltd., Storm Ltd. and Thunder Ltd. are in the business of manufacturing tents. Their balance sheets as at 30 September

Q. What is Amortization? Amortization -Periodic and Gradual reduction of any amount, like the periodic write-down ofa BOND premium, cost of an intangible ASSET or periodic paym

How much must you save annually in order to accumulate Rs. 20, 00,000 by the ending of 10 years, whether the saving earns an interest of 12%?             Solution : A = [k/(

Assume Mr. Ram deposits Rs. 10,000 annually in a bank for 5 years, at 10 percent compound interest rate. Compute the value of this series of deposits on the end of five years by as

evaluate the importance of leverage in financial management of a small scale company