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18 Cards in this Set
- Front
- Back
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Duty actively to watch over and correct behaviour of fellow trustees
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Styles v Guy
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Keep trust property in joint control unless delegated
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Trustee Act 2000, ss11-12
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Duty of care (investment and delegation) – to exercise such care and skill as is reasonable having regard to any special knowledge trustee has or holds themselves out to have
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TA2000, s1
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Duty to act as the reasonably prudent man of business in relation to your trust
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Speight v Gaunt
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The loss exists if the D trustee made less than the reasonable T would have, doing their duties.
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Nestle v NatWest
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Exception: if profit and loss from same breach, they can offset each other
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Bartlett v Barclays
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Courts may relieve Ts of some or all liability if they acted honestly and reasonably
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Trustee Act 1926, s61
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Trustee Act 1926, s61 tends not to be used for professional trustees
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Bartlett v Barclays
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Trustee Act 1926, s61 tends not to be used for professional trustees, even if they took advice
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National Trustee Co
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Fraudulent breaches cannot be excluded in the trust instrument
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Armitage v Nurse
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Consent
A Benny can't sue on a breach he consented to if: |
Re Pauling's Settlement Trust
a. He's an adult b. He gave free consent c. He knew the relevant facts (does not need to know it's a breach of T) |
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Laches
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A claim won't be allowed if it is inequitable, for example where a B has acquiesced in the breach for a long time
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The court may order such contribution as just and equitable with regard to levels of blame/responsibility
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Civil Liability (Contribution) Act 1978, s2
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Interim search order
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Apply for when:
- Risk destruction evidence - Strong prima facie case and potential damage to it - No notice to D |
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The court may order such contribution as just and equitable with regard to levels of blame/responsibility
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Civil Liability (Contribution) Act 1978, s2
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Up to 100% can be sought as indemnity where the co-trustee received trust property and used for own benefit
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Bahin v Hughes
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Where a T blindly followed the advice of a co-trustee who is a solicitor, he can recover full indemnity
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Re Partington
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Can only use Re Partington if co-trustee exerted such a controlling influence T did not use own judgement
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Heald v Gould
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