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
3:Barnes Baskets, Inc. (BB) currently has zero debt. Its earnings before interest and taxes (EBIT) are $100,000, and it is a zero growth company. BB's current cost of equity is

On its December 31, 2010 balance sheet, Emig Corp. reported bonds payable of $6,000,000 and related unamortized bond issue costs of $320,000. The bonds had been issued at par. On J

The conflicting interests of users We have seen above that every user group looks at a business from a different perspective and has its own individual interests. This means th

John Chan considers buying a six-month stock futures contract on the shares of Li & Fung Limited. Shares of Li & Fung Limited are now trading at $50 per share and it is expected th

On May 1, 2010, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Ziek had 100,000 shares of $1 par value common stock issued and outstanding. The

Tampa Foundry began operations during the present year, manufacturing several products for industrial use. One such product is light-gauge aluminum, which the company sells for $36

I am looking for the solutiotns to this problem. Using the information provided below, complete Aspen Ridge limited partnership%u2019s page 1 of Form 1065; complete Schedule K o

BALANCE SHEET Grouping of items:   Items in the Balance Sheet should be grouped under appropriate headings. In particular, a trust operating the provisions of the Trustee Act

An individual is currently working 40 hours per week, earning $10 per hour.  He loses his job and successfully applies for unemployment insurance.  The insurance plan works as foll

USAco is the wholly-owned U.S. subsidiary of ASIAco, a Japanese parent corporation that manufactures automobiles and sells them to USAco for resale in the United States. ASIAco sel