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CONSTRUCTIVE TRUSTS
A constructive trust is a trust imposed by equity regardless of the intention of the owner of the property: it arises by operation of law. The concept has been applied in a number of situations: 1. It is a rule of equity that a trustee must not permit his interests to conflict with his duties: note particularly, a trustee may not profit from his trust: where he does so he holds the gains on a constructive trust (Keech v Sandford);
2. If a person who is not a trustee obtains information with the help of a trustee which enables him to make a profit, he holds the proceeds on constructive trust: (Boardman v Phipps);
3. If a person receives trust property with knowledge (actual or constructive) that it is trust property, and it is transferred to him in breach of trust, he holds the property as trustee;
4. A person who does not actually receive trust property but assists a trustee to fraudulently dispose of it is liable as a trustee. Note: Strangers are not to be made constructive trustees merely because they act as the agents of trustees in transactions within their legal powers, e.g a solicitor who creates a fraudulent document on the instructions of the trustee. They will be liable only if:-
What would be the effect on the balance sheet if adjustments (a) and (f) were omitted at the end of the year?k question #Minimum 100 words accepted#
The partnership of Lewis and Clark had these balances at April 30, 2008: Cash........$28,000 Liabilities........56,000 Clark Capital...14,000 Other Assets...84,000 Service Re
profit margin 2.5%, equity multiplier 2.0,sales $50000, common equity $25000.compute return on common equity.
The following information for the six months ended 31 December 2009 relates to the business of Mr N Morris: a) Opening cash (including bank) balance Rs 1,200 b) Productio
The Garraty Company has two bond issues outstanding.Both bonds pay $100 yearly interest plus $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year.
The additional 20% purchase by RBE results is enhancing in the controlling interest held in the subsidiary, DCA. No additional goodwill is calculated on the additional purchase as
provide for depreciation at 10%p.a at cost for equipment and 15% at book value for vehicles
what is deffered taxation
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.
April 2014 Notepayable $9,825,000 was issued. First due is April 1,2015. 6% interest erroneously expensed a full year''s interest
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