Trustees Duties and Powers: Nature, Statutory Duty, and Court Decisions
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Questions and Answers

What is the nature of a trustee's duties and powers?

  • Ethical and moral
  • Administrative and fiduciary (correct)
  • Professional and personal
  • Legal and financial
  • In Buttle v Saunders, what action led to the court finding that the trustee failed their duty?

  • Failing to maintain the property
  • Investing in an unsound financial scheme
  • Accepting a lower offer for the property
  • Rejecting the higher offer of the property (correct)
  • What are the discretionary powers of a trustee according to Turner v Turner?

  • Appointment, Termination, Revision
  • Duties, Liability, Statutory compliance
  • Investment, Delegation, Remuneration (correct)
  • Maintenance, Advancement, Exclusion clauses
  • What is the starting point for the sources of a trust instrument?

    <p>The trust deed or will</p> Signup and view all the answers

    Under which statute does Section 36 TA 1925 give the power to appoint additional trustees?

    <p>Trustee Act 1925</p> Signup and view all the answers

    Who has the power to appoint additional trustees according to the text?

    <p>Settlor, statute, beneficiaries</p> Signup and view all the answers

    What is the minimum age requirement for beneficiaries under TOLATA 1996?

    <p>18</p> Signup and view all the answers

    In trust law, what is the maximum number of trustees allowed for land?

    <p>4</p> Signup and view all the answers

    According to the Trustee Act 1925, what is the rule of survivorship applicable to joint tenant trustees?

    <p>The trust assets go to the surviving joint tenant trustee(s)</p> Signup and view all the answers

    Under what circumstances can a trustee be removed from their position?

    <p>By the court</p> Signup and view all the answers

    What does S.29 TA 2000 apply to in terms of trustees' remuneration?

    <p>Professional trustees only</p> Signup and view all the answers

    According to Re Wragg, what duty do trustees have in terms of investment?

    <p>A duty to invest based on standard investment criteria</p> Signup and view all the answers

    What must a trustee do before investing according to Webb v Jonas (1888)?

    <p>Obtain and consider proper advice from a qualified person</p> Signup and view all the answers

    'The starting principle is that trustees may not delegate their responsibilities' - this principle applies unless:

    <p>The trust deed allows delegation</p> Signup and view all the answers

    What happens if there is more than one trustee and they are in breach of their duties?

    <p>They are jointly and severally liable for the breach</p> Signup and view all the answers

    When is the property automatically vested in a new trustee according to S.40 Trustee Act 1925?

    <p>Once a deed appointing the new trustee is drawn up</p> Signup and view all the answers

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