Breach of trust-trusts laws and accounts, Financial Accounting

Assignment Help:

BREACH OF TRUST

Remedies available to beneficiary: Injunction, Personal action, Criminal liability.

Defence of trusts: He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; He may also be released by any beneficiary, being sui juris and with knowledge of the facts, from liability to that beneficiary only.

Contribution and indemnity
: Generally the trustees are jointly and severally liable to the beneficiaries and a trustee sued may claim contribution from the others where although two or more trustees are liable, one has paid more than his fair share of the loss.


Related Discussions:- Breach of trust-trusts laws and accounts

What is the net present value of this machine, A company is considering the...

A company is considering the purchase of new equipment for $45,000. The projected after-tax net income is $3,000 after deducting $15,000 of depreciation. The machine has a useful l

Which depreciation method would produce the higher npv, Wendy is evaluating...

Wendy is evaluating a capital budgeting project that should last for 4 years. The project requires $ 800,000 of equipment. She is unsure what depreciation method to use in her anal

After-acquired property-bankruptcy, AFTER-ACQUIRED PROPERTY All property ...

AFTER-ACQUIRED PROPERTY All property acquired by the bankrupt between the commencement of bankruptcy and his discharge passes to the trustee, except as stated above and below. (

Income statement, how should i treat items in the additional information

how should i treat items in the additional information

Modern advanced accounting, Problem 1 (28 marks) Pre-Contribution Balance ...

Problem 1 (28 marks) Pre-Contribution Balance Sheets and Fair Values June 30, 20X9 (in thousands of $) Swag Co. Perk Ltd. Pre- Contribution Fair Value Pre- Contributi

Deeds of arrangement-bankruptcy and liquidation, DEEDS OF ARRANGEMENT (D of...

DEEDS OF ARRANGEMENT (D of A) 1. Nature of a D of A : To avoid the expense and delay involved in a bankruptcy, a debtor in trouble may make a private arrangement with the

What is the cost recovery deduction, Tim purchased a used office building o...

Tim purchased a used office building on May 15, 2001, for $2,000,000. $500,000 of the purchase price was allocated to the land. On November 1, 2010 the building was sold. What is t

Permanent accounts would not include in accounts, Permanent accounts would ...

Permanent accounts would not include a interest expense b wage payable c prepaid rent d unearned revenues

Assessing project risk, In assessing project risk it is significant to be c...

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

How can a person tell whether an entry to an expense account, How can a per...

How can a person tell whether an entry to an expense account is payment for a legitimate expenditure or a means of concealing a theft of cash?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd