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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:-
A net loss resluts in a decrease in: a. Revenues b. Expenses c. Stockholder's Equity d. Liabilities
GOODS AT BRANCH MARKED DOWN, OR MARKED UP BY AN ADDITIONAL AMOUNT If goods at the branch are not selling well, branch could be authorized by the Head office to mark-down the good
A project requires a net investment of $450,000. It has a profitability index of 1.25 based on the firm's 12 percent cost of capital. Determine the net present value of the project
STATEMENTS OF FINANCIAL POSITION: as at 31 December 2011 Group Note 2011 2010 RM'
Dillings Ltd is a wholesaler and distributor of catering of office equipment. The following list of balances was extracted from its books at 31 March 2004: The following ad
The standard EOQ model supposes that materials can be procured immediately and thus implies that the firm may place an order for replenishment as the inventory level drops to zero.
Budgetary Control is a technique of managerial control through budgets. Elaborate.
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Natasha's income is $300 per month. She spends all of it on tickets to concerts and films. A concert ticket costs $15 and a fi lm ticket costs $10. Her marginal rate of substitutio
what is international financial analysis
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