Author: Scottish Law CommissionPublisher: Stationery Office/Tso
ISBN: 9780108881138
Category : Law
Languages : en
Pages : 77
Book Description
This discussion paper looks at trustees and their powers and duties and examines breaches of trust. It is part of an ongoing programme examining trust law as applicable in Scotland. The definition of "trust" and "trustee" is derived from the Trusts (Scotland) Acts 1921 and 1961, it covers the appointment of a "trustee" by a court to administer and manage property when there is no other available person to do so. Breaches of trust by the trustee cover: acting outside their authority; failing to carry out their duties by omission, or what they owe as fiduciaries to their beneficiaries. The paper also examines what constitutes personal liability in these areas. The "dual patrimony" theory is adopted for the purposes of the discussion of these issues. It emphasises the separation of the trust property and personal property held by the trustee. Trust law relates to voluntary trusts, both public and private. The Commission states that trust law is not in need of comprehensive or radical reform, with most trust law resting on common law. Despite this view the Commission, in an earlier report, recommended the repeal of the Trustee Investments Act 1961, and further examination of the need for the 1921 Act , which reflects the practice and customs of Victorian times.