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
In assessing project risk it is significant to be clear about the meaning of risk. From an academic perspective risk demotes to a set of circumstances regarding a given decision wh

PROVABLE DEBTS All debts and liabilities present or future, certain or contingent, are provable in bankruptcy, except: 1) Claims for unliquidated damages in tort; 2) Debts

ASSOCIATE COMPANIES (IAS 28) An associate company is a company in which the investing company owns more than 20% but less than 50% of the voting rights.  This means that the inve

RETAINED PROFITS BROUGHT FORWARD If we recall from the consolidated balance sheet, the group-retained profits should be made up of the holding companies retained profit plus the

Is there two type of way to do balance sheet?

Baruch Lev, who is a professor of accounting at New York University and a globally known academic for his research on financial reporting for intangibles, is that the economy has c

security service= R38570 the annual security services contract has been taken out on 1 March 2012. The fee was increased by 10% from january 2013 and the fee has already been paid

Balance Sheets: contains the balance sheets as of December 31, 2010, 2009, and 2008. Accounting practice and tradition dictates that the most current year is placed nearest to the

You have just started work for Warren Co. as part of the controller's group involved in current financial reporting problems. Jane Henshaw, controller for Warren, is interested in

Suppose a risk neutral agent has $100,000 today that he wants to save for one year. Compare the following two savings plans. Bank A offers a standard savings account with 4% p.a