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
Callable Preferred Stock On March 4, 2013, Hein Corporation issues 1,000 shares of $100 par preferred stock for $125 per share. The stock is not callable by the corporation until 3

Q. Explain about Tax Ramifications? i) Exercise price effects capital gains of individual and effects compensation expense used by corporation for calculating company's compens

Calculate the DuPont Model, given the following information: cash=$16,080; accounts receivable= $9,500; prepaid = $3,150; supplies =$675; equipment =$25,200; accumulated depreciati

Cash flow Estimation and Capital Budgeting XYZ Electronics, Inc. is a manufacturer of eBook Readers. Its current model is selling excellently. However, in order to cope with t

The Red and Blue partnership has been created to operate a law firm. The partners have been attempting to devise a fair system to allocate profits and losses. Red plans to work mor

What are the various strategies behind selected low (e.g., zero) or high coupon rates when issuing bonds?

Q. Example on Differential cash flows? Differential cash flows: contracting out versus in-house provision NET PRESENT VALUE =£45519 The positive NPV signifies th

Joe seeks your assistance in assessing these investment options. He has five particular concerns, as outlined below. 1. Regarding his photographic studio, which would be a bette

Data for 2013 were as follows: PBO, January 1, $244,000 and December 31, $274,000; pension plan assets (fair value) January 1, $190,000, and December 31, $233,000. The projected be

Prepare a cash budget The following information appeared on the balance sheet of XYZ Ltd at 30 June 2012:                              Accounts receivable