Trustees right to be indemnified-trusts laws and accounts, Financial Accounting

Assignment Help:

Trustees right to be indemnified

Trustees have, however, a right to be indemnified:

1. Out of trust property, for all expenses properly incurred in the execution of the trust e.g. insurance premium paid S.32(2);

2. Against a beneficiary if -

  • The trustee accepted the trust at the request of the beneficiary and the beneficiary is the settlor; or
  • The beneficiary is the sole beneficiary, sui juris, and absolutely entitled;
  • The expense was incurred at the request of all beneficiaries, being sui juris and absolutely entitled.

 

3. For the cost of litigation brought or defended with leave of the court or otherwise properly for the benefit of the estate - the indemnity here comes out of the trust estate.


Related Discussions:- Trustees right to be indemnified-trusts laws and accounts

State the types of business organizations, State the types of business orga...

State the types of business organizations There are numerous types of business organizations: Service business-doctors, lawyers, barber shop etc. Merchandising busin

Cash flow statement, In additional information depreciation of two years is...

In additional information depreciation of two years is given. What is the treatment of it while preparing fixed assets account.

Property, Hi! Here are the case: Acquisition of Assets: The cost method ...

Hi! Here are the case: Acquisition of Assets: The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the authority. Cost is

Financial mathematics, abc limied is considering whether to invest $90000 ...

abc limied is considering whether to invest $90000 in the purchase of a new item of equipment. The equipment would be paid for with a down-payment of $60000 and the payment of the

Determine the yield to maturity of the bond, The current market price of a ...

The current market price of a Leigh bond is $1,297.6. If the coupon rate is 10% and the par value is equal to $1,000, what is the yield to maturity of the bond if it matures in 10

Defence of trustee-breach of trust-trusts laws, Defence of trustee   1) He...

Defence of trustee   1) He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; 2) He may also be released

Consistency concept, how does the concept of consistency aid in the analysi...

how does the concept of consistency aid in the analysis of financial system?

brooks''s stock, Investors need a 15% rate of return on Brooks Sisters' st...

Investors need a 15% rate of return on Brooks Sisters' stock (rs = 15%). a.  What would the value of Brooks's stock be if the last dividend was D0 = $1.5 and if investors expect

Objectives of time value of money, After going through this section, you mu...

After going through this section, you must be capable to: -          Identify the time value of money; -          Know what gives money its time value; -          Identify

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd