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

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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?

The trust deed or will Signup and view all the answers

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

Trustee Act 1925 Signup and view all the answers

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

Settlor, statute, beneficiaries Signup and view all the answers

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

18 Signup and view all the answers

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

4 Signup and view all the answers

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

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

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

By the court Signup and view all the answers

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

Professional trustees only Signup and view all the answers

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

A duty to invest based on standard investment criteria Signup and view all the answers

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

Obtain and consider proper advice from a qualified person Signup and view all the answers

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

The trust deed allows delegation Signup and view all the answers

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

They are jointly and severally liable for the breach Signup and view all the answers

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

Once a deed appointing the new trustee is drawn up Signup and view all the answers

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

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