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11 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 (1849)
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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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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.
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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 (1980)
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Courts tend not to use discretion to relieve honest and reasonable trustees of liability if they are professional
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Bartlett v Barclays (1980)
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Courts won't generally let professional trustees off the hook even if acting on advice from others.
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National Trustee Co of Australia
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Exclusions in trust instruments removing liability for Trustee breaches are void for fraudulent breaches
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Armitage v Nurse (1997)
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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.
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Re Pauling's Settlement Trust (1964)
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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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Where a co-trustee received trust property and used for own benefit, a defendant trustee can claim an indemnity if sued.
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Bahin v Hughes (1886)
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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) |
