Vacation of the trustee’s office
Distinguishing the trust
Section 80 to 96
RIGHTS OF THE BENEFICIARY:
(1) Rights to rents and profits (Sec.55) -The beneficiary has, subject to the provisions of the instrument of trust, a right to the rents and profits of the trust-property.
(2) Right to specific execution (Sec.56) -The beneficiary is entitled to have the intention of the author of the trust specifically executed to the extent of the beneficiarys interest ;
Right to transfer of possession.
Right to transfer of possession.-and, where there is only one beneficiary and he is competent to contract, or where there are several beneficiaries and they are competent to contract and all of one mind, he or they may require the trustee
…show more content…
Explanation II--When the administration of the trust involves the receipt and custody of money, the number of trustees should be two at least.
Illustrations:
(a) A, one of several beneficiaries, proves that B, the trustee, has improperly disposed of part of the trust-property, or that the property is in danger from Bs being in insolvent circumstances, or that he is incapacitated from acting as trustee. A may obtain a receiver of the trust-property.
(b) A bequeaths certain jewels to B in trust for C. B dies during
As lifetime; then A dies. C is entitled to have the property conveyed to a trustee for him.
(c) A conveys certain property to four trustees in trust for B.
Three of the trustees die. B may institute a suit to have three new trustees appointed in the place of the deceased trustees.
(d) A conveys certain property to three trustees in trust for
…show more content…
Illustrations:
(a) A contracts with B to pay him monthly Rs. 100 for the benefit of C. B writes and signs a letter declaring that he will hold in trust for C the money so to be paid. A fails to pay the money in accordance with his contract. C may compel B on a proper indemnity to allow C to sue on the contract in B’s name.
(b) A is trustee of certain land, with a power to sell the same and pay the proceeds to B and C equally. A is about to make an improvident sale of the land. B may sue on behalf of himself and C for an injunction to restrain A from making the
Maria had spoken with Eva over the phone concerning the correct total amount of $60,000 for rendering decorating services provided by Eva. Maria had sent a letter of the telephone conversation stating that Eva agreed to take $60,000 in full satisfaction obligation under the contract. Although Eva, changed her mind when depositing the check in the bank, she legally entered a mutual agreement over the telephone where it resulted in a unliquidated debt, payment is lower than actual.
Alfalfa, a novice rock climber, decided to go on a very difficult climb. Half way up, he found himself in trouble. Darla, a more experienced climber, at great peril to herself, rescued Alfalfa from almost certain serious injury, if not death. Alfalfa was so grateful for what Darla had done that he promised to send her a check for $1,000. Alfalfa failed to send the check and Darla sues him for breach of contract. Judgment for whom? Explain.
Jones was party to the contract and mortgage together with Mrs Jones as surety for her husband, even though Mrs Jones was the actual owner of the property. This produced a legal consequence as it affected the appellants with a conduct on the part of the husband in relation to his wife which raised equities in her favour against the indication of a mortgage. The husband exercised undue influence on Mrs Jones to procure her signature to the mortgage which consisted of no consideration. The plaintiff brought proceedings against the defendant upon a contract to pay interest and principal contained in the mortgage over the property at Walkerville owned by Mrs Jones. It was understood that Mrs Jones executed the mortgage without understanding the effect of the contract and presumed various false misrepresentations. She argued that the mortgage which she s...
California and Hawaiian Sugar Company contracted Sun ship to build a vessel. The contract gave Sun Ship almost two years to complete the work. The contract contained a liquidated clause that required Sun Ship to pay 17,000 dollars per day for ever day that the ship was not delivered after the agreed date. The ship was delivered after eight and a half months after the agreed delivery date. During the period, the ship had not been delivered, California and Hawaiian Sugar Company suffered actual losses of 368,000 dollar. The defendant refused to pay the liquidated damages and the plaintiff brought an action to recover the damages.
c. construing the savings to suitors clause – eg, what types of cases does Congress mean to say that we only want federal courts sitting in admiralty to have jurisdiction over?
Liability in restitution with disgorgement of profit is an alternative to liability for contract damages measured by injury to the promisee.” (2011)
A Quistclose trust arises when money is paid to a recipient for a specific purpose, if that purpose fails the money is held on trust for the payer. It mostly arises in insolvency cases where the proprietary rights have to be established. However, this type of trust has been thought to be inconsistent with the traditional trust principle. Many have suggested the Quistclose trust must be treated as any other fully fledged security device taking into account the protection it offers the payer on insolvency and should therefore be registrable. This essay critically analyses the concept of Quistclose trust, whether it differs from the resulting trusts.
"Article III." LII / Legal Information Institute. Cornell University Law School, n.d. Web. 31 Mar. 2014.
...am R, Incompletely constituted trusts: Covenants to settle property (Equity & Trusts: Text, Cases, and Materials 2013).
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
Also, if one of the owners is sued the funds may end up with a judgement lien on them and, depending on the outcome, may result in most or all of the funds being depleted. Another problems arises if the owner has three children, but only lists one child as the joint owner. This automatically causes the other two children to be disinherited from the account. Another issue arises when one of the beneficiaries is a minor. A conservatorship is put in place in order for the account to be used for the minors
The beneficiary is called a “life tenant” and is legally entitled to the net income of the trust. The trustee has no authority to accumulate the income within the trust, which means the trustee must pass all the income received, less any trustee’s expenses, to the life tenant. However, the life tenant only entitles to the income but not capital. The capital of the trust will pass to another beneficiary called a “remainderman” as on the death of the life tenant, the trust capital will return to this person (Maston, 2017). No inheritance tax payable on assets transferred into IIP trusts before 22 March
Situation 1 Apparently, Jim is not right as there is subject matter jurisdiction. The fact that federal courts have subject matter jurisdiction (despite the parties
3) Using additional types of beneficiaries along with the primary beneficiary. Typically, in common estates, your choice of beneficiaries may come with complications. Therefore, give careful consideration to each beneficiary and the complications
(b) It must be made to a body of persons acting on the behalf of the persons.