466609
Description
Mind Map by lorriehone, updated more than 1 year ago
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Created by lorriehone
about 11 years ago
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Remedies for
breach of trust
- Personal
liability
- Against trustee
- joint &
several
liable,
unless:
- only one trustee
fraudulent
- trustee is a
solicitor and
influences
- trustee is a
beneficiary and
participates
- only one trustee
fraudulent
- cannot pursue if
fully aware and
consented to
breach
- defences
- s61 TA
1925
- Limitation: 6 years
- exemption clause
- s61 TA
1925
- compensate loss
suffered by trust
- liable for own breach,
unless:
- stood by
and
watched
- failed to act on
discovery
- released by trustee or
beneficiary
- stood by
and
watched
- Against trustee
- Proprietary
liability
- Tracing
- Common law
- must have
legal interest
- only trustee
- only trustee
- property
identifiable
through out
- defence: third
party gave
consideration
- must have
legal interest
- Equitable
- Property held by
someone in fiduciary
position
- Beneficiary can claim
- Beneficiary can claim
- Bona Fide purchaser
has unanswerable claim
- leads to
proprietary right
to propert
- Property held by
someone in fiduciary
position
- Mixed funds
- beneficiary
has first
charge
- trustee presumed to
withdraw own funds
first
- beneficiary
entitled to assets
purchased with
funds
- beneficiary
has first
charge
- Common law
- claim to trust property
or product of trust
property
- Tracing
- Liability of
strangers
- stranger:
someone not
appointed as
trustee nor
beneficiary
- trustee de son tort:
acting like a trustee
- knowing receipt
- had knowledge of
breach
- received
trust property
with that
knowledge
- had knowledge of
breach
- dishonest assistance
- Royal Brunei test
- Royal Brunei test
- creates constructive trust
- stranger:
someone not
appointed as
trustee nor
beneficiary
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