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Author: Vicki Ammundsen Publisher: ISBN: 9781775470892 Category : Liability (Law) Languages : en Pages : 146
Book Description
Provides guidance on what to consider before accepting an appointment as a trustee. Examines trustee liability, such as income tax and GST liability, mitigation of trustee liability, and liability for court costs. Presents information in a question and answer format, and references relevant case law.
Author: Vicki Ammundsen Publisher: ISBN: 9781775470892 Category : Liability (Law) Languages : en Pages : 146
Book Description
Provides guidance on what to consider before accepting an appointment as a trustee. Examines trustee liability, such as income tax and GST liability, mitigation of trustee liability, and liability for court costs. Presents information in a question and answer format, and references relevant case law.
Author: Oonagh B. Breen Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
When is a trustee liable at common law for breach of trust? Equity teaches us that a trustee's duties are onerous and far-reaching not least because a trustee is bound in law and in conscience to give full effect to the terms of the trust in furtherance of the sole interests of the beneficiary. Liability is strict and is focused on restoring the trust fund when loss is occasioned or stripping the trustee of unauthorised gains made on the back of the fiduciary relationship, even if the beneficiaries have also gained. The quantum of damages (and, indeed, the extent of liability) typically requires some consideration of variables relating to the nature and context of the alleged breach; the form of damage suffered and its causal connection to the occasioned wrong; the involvement or non-involvement of any co-trustees in the transaction in question and their professional status; and the terms of the trust deed governing the trustees' behaviour. In recent years, judicial consideration has been given to the degree to which it is possible for a trustee to contract out of the fiduciary obligations traditionally associated with a trust without undermining the valuable benefits bestowed by this relationship. Attention has also been focused lately on the courts' ability to intervene and to undo discretionary decisions taken by trustees which, in hindsight, turn out to have unintended consequences for the beneficiaries concerned. This paper sets the context for traditional trustee liability outlining some of the forms, causes and general measures of liability in Part I, before exploring in Part II the recent UK Supreme Court judgment in Futter v. HMRC and its implications for trustees who, in hindsight regret decisions made. Part III considers the issue of commercial transaction trusts and the options available to corporate trustees to limit or exclude liability, concluding with an assessment of developments in common law jurisdictions outside the UK towards trustee liability, trustee forgiveness and trustee exoneration.
Author: Frank C. McKinney Publisher: Forgotten Books ISBN: 9781330062838 Category : Business & Economics Languages : en Pages : 338
Book Description
Excerpt from Liabilities of Trustees for Investments: General Principles; Statutes and Decisions of the Various States; Typical List of Investments Legal in Connecticut, Massachusetts, Maryland and New York A careful search has revealed the fact that there is no separate treatise in the United States dealing with the subject of investments by trustees. It has seemed advisable, therefore, to prepare a volume devoted to a discussion of general principles, a compilation of the statutes of the states, and a digest of the leading decisions in each state. For the benefit of trustees and for the purpose of indicating the extent to which some of the states have gone in extending the field of investments, a list of securities which are legal in those states has also been added. Although the list may be revised slightly from time to time, the securities named are standard and are, with a few exceptions, likely to remain legal. Lack of uniformity in the laws of the various states is notable, and the work will justify itself if it affords a present guide for the proper investment of trust funds and at the same time indicates the necessity for uniform laws on the subject and the creation of reliable sources of information for the benefit of trustees. The need for such a book has been evident in connection with the preparation of the legal discussions for Trust Companies Magazine, and the author wishes to express his appreciation for valuable suggestions made by the editor of Trust Companies Magazine, and Mr. Orrin R. Judd, Assistant Trust Officer of the Columbia-Knickerbocker Trust Company. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: George Luther Clark Publisher: Theclassics.Us ISBN: 9781230280295 Category : Languages : en Pages : 32
Book Description
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 edition. Excerpt: ... know that a bailee, executor, administrator, or trustee, is bound to keep goods always in his own hands. They are to keep them as their own, and take the same care; if, therefore, a man lodged trust money with a banker, if lost, in many cases the court has discharged the trustee, especially if lost out of the banker's hands by robbery. In the present case what has been done is what she would have done with her own, and, therefore, she is not liable for the goods so lost." It is frequently the trustee's duty not to keep personal charge of trust funds. For example, it would not be considered due care for him to keep large sums of trust money at his residence. His duty is to deposit the money in a reputable bank at his earliest opportunity; and if he fails to do so he will be liable for the loss if the money is stolen. 163. Liability of Custodians of Public Funds. Though fiduciaries are generally liable only for due care and not as insurers, there is in most jurisdictions an exception in case of a public officer--e. g., a county treasurer--whose duty it is to have custody of public funds; he is liable as an insurer. Hence, it is no defense that he deposited the money in a reputable bank in his capacity as fiduciary; if the bank fails he must bear the loss. This doctrine is based on public policy. duty not to delegate the trust to another 164. General Rule. No one is bound to accept a trust, but after once accepting it he cannot convey the trust property to another or divest himself of any part of his trust duties at his pleasure. He must either get the permission of the cestui or cestuis--which will be sufficient only when they are all sui juris--or else secure a release from the proper equity court. 165. Transferee Has...
Author: Vicki Ammundsen
Author: Vicki Ammundsen
Author: Oonagh B. Breen
Author: Vicki Ammundsen
Author: Frank Cowen McKinney
Author: George Willis Anamosa
Author: Francis Alexander Anglin
Author: 
Author: Frank C. McKinney
Author: George T. Bogert
Author: George Luther Clark