Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
Duty actively to watch over and correct behaviour of fellow trustees
|
Styles v Guy (1849)
|
|
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
|
TA2000, s1
|
|
Trustees are only liable if the breach caused the loss. The loss exists if the D trustee made less than the reasonable T would have, doing their duties.
|
Nestle v NatWest
|
|
Exception: if profit and loss from same breach, they can offset each other
|
Bartlett v Barclays (1980)
|
|
Courts tend not to use discretion to relieve honest and reasonable trustees of liability if they are professional
|
Bartlett v Barclays (1980)
|
|
Courts won't generally let professional trustees off the hook even if acting on advice from others.
|
National Trustee Co of Australia
|
|
Exclusions in trust instruments removing liability for Trustee breaches are void for fraudulent breaches
|
Armitage v Nurse (1997)
|
|
To consent to a breach, Benny need not know he is concurring to a breach of trust as long as he knows what is agreed to.
|
Re Pauling's Settlement Trust (1964)
|
|
The court may order such contribution as just and equitable with regard to levels of blame/responsibility
|
Civil Liability (Contribution) Act 1978, s2
|
|
Where a co-trustee received trust property and used for own benefit, a defendant trustee can claim an indemnity if sued.
|
Bahin v Hughes (1886)
|
|
Where a T blindly followed the advice of a co-trustee who is a solicitor, he can recover full indemnity but:
- Has to show CT exerted such a controlling influence T did not use own judgement |
Re Partington (1887)
Heald v Gould (1898) |