Trustees right to be indemnified-trusts laws and accounts, Financial Accounting

Trustees right to be indemnified

Trustees have, however, a right to be indemnified:

1. Out of trust property, for all expenses properly incurred in the execution of the trust e.g. insurance premium paid S.32(2);

2. Against a beneficiary if -

  • The trustee accepted the trust at the request of the beneficiary and the beneficiary is the settlor; or
  • The beneficiary is the sole beneficiary, sui juris, and absolutely entitled;
  • The expense was incurred at the request of all beneficiaries, being sui juris and absolutely entitled.

 

3. For the cost of litigation brought or defended with leave of the court or otherwise properly for the benefit of the estate - the indemnity here comes out of the trust estate.

Posted Date: 12/15/2012 12:11:06 AM | Location : United States







Related Discussions:- Trustees right to be indemnified-trusts laws and accounts, Assignment Help, Ask Question on Trustees right to be indemnified-trusts laws and accounts, Get Answer, Expert's Help, Trustees right to be indemnified-trusts laws and accounts Discussions

Write discussion on Trustees right to be indemnified-trusts laws and accounts
Your posts are moderated
Related Questions
The liquidation of the Marks, Norris, Smith, and Savannah partnership:


The common stock of the PP Corporation has been trading in a narrow price range for the past month, and you are convinced it is going to break far out that range in the next 3 mont


i need to prepare a steep analysis report for kathmandu

Illustration regarding profit that head office can claim E Ltd sets up a branch in Nyeri on 1 July 2001. Goods are sent to branch at an invoice price which is 10% above cost. S

Thurston Howell IV is the sole heir to the Howell Enterprise fortune. He does not participate in the business, preferring to tend to his comic book collection. He does however own

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

Illustrations of Accounting Policies A Ltd., has decided to change its policy of writing off borrowing costs to capitalizing the same. As at 31st December, 2003, the company had

Can you help me with that?