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
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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
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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
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...
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)
"Article III." LII / Legal Information Institute. Cornell University Law School, n.d. Web. 31 Mar. 2014.
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.
The case at hand takes place under commercial paper law. Commercial paper is a written instrument or document such as a check, promissory note, or a certificate of deposit, that represents a duty of one individual to pay money to another. A standout amongst the most critical parts of commercial paper is that it is negotiable, which implies that it might be unreservedly exchanged starting with one party then onto the next, usually through indorsement. Since commercial paper constitutes personal paper, it is transferable by deal—and could be credited, lost, stolen, and burdened. A promissory note is a two-party paper that consists of the maker (the person who
The principles of constitution of trusts are derived from the case of Milroy v Lord (1862 where turner L.J. stated that the complete constitution of a trust requires the actual transfer of property from the person making the gift to the beneficiary, a transfer of the intended gift to the trustees to be held in trust for the beneficiaries or the self-declaration of a trustee. The principle in this case is that a gift can only be enforced in equity if it satisfies one of the three requirements. Where the trust does not meet any of the three requirements the trust is considered an imperfect on incompletely constitutes trust. If the donor fails to complete all the formalities required by common law, then equity will not assist the intended beneficiary and thus the gift will be imperfect. The equitable maxim applicable is that equity will not complete an imperfect gift.
Jointly titled assets consist of bank accounts, real estate, automobiles, and the like in which the main owner shares ownership with at least one other person. When the main owner dies, ownership is then transferred to the other owner(s) listed on the contract or agreement. Problems arise when it involves financial accounts.
However, after that, the testamentary trusts have given the benefits of graduated income tax rates that are applicable for the persons usually. Many amendments have also been made by the respective governments in changing the rules of the taxes for some particular trusts, in which the testamentary trusts are also included. The planning of estate and distribution of the property through testamentary trusts has considered this process as to eliminate the graduated income tax rates for the taxation of the trusts. In addition to that, the taxes increased the capital gains and joint partner trusts in case of the beneficiary’s hands of the person who has died rather than the trust itself. It has also made exception of permitting the charitable donation in the estate plan for allocating between the estate and the
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
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]
As explained in the article List Your Beneficiaries Wisely in Your Estate Plan, a beneficiary listed on an asset supersedes a beneficiary listed in a will. So, by listing a beneficiary on an asset, you remove the beneficiary from your estate plan if the asset in question is all you plan to leave the beneficiary. Conversely, avoid listing a beneficiary in the will for an asset that has a different beneficiary listed on the same asset. Since the beneficiary on the asset will receive the asset, the beneficiary in the will receives nothing and could cause problems for the estate.
Members of the class of potential beneficiaries do not hold any beneficial interest until trustees exercise their discretion to appoint in the beneficiaries favour . The amount the beneficiaries receive is at the discretion of the trustees. Fixed trusts:in order to satisfy the certainty of objects requirement, a full list of the beneficiaries must be able to be created( IRC V Broadway Cottage Trust (1955), all the beneficiaries must be able to be identified.in this case all beneficiaries could be Identified so there is a fixed trust.
(b) It must be made to a body of persons acting on the behalf of the persons.
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