9911796707
TMI BlogLiability for breach of trust.X X X X Extracts X X X X X X X X Extracts X X X X ..... the beneficiary, being competent to contract, has himself, without coercion or undue influence having been brought to bear on him, concurred in the breach, or subsequently acquiesced therein, with full knowledge of the facts of the case and of his rights as against the trustee. A trustee committing a breach of trust is not liable to pay interest except in the following cases : (a) where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the proceeds thereof in trade or business, he is liable to account, at the option of the beneficiary, either for compound interest (with half-yearly rests) at the same rate, or for the net profits made by such employment. Illustrations (a) A trustee improperly leaves trust-property outstanding, and it is conse quently lost: he is liable to make good the property lost, but he is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey and interest, or with the amount of such securities as he might have purchased with the trust-money when the investment should have been made, and the intermediate dividends and interest thereon. ( e) The instrument of trust directs the trustee to invest trust-money either in any of such securities or on mortgage of immovable property. The trustee does neither. He is liable for the prin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trument of trust. He is liable, at the option of the beneficiary, either to replace the security with the interme diate dividends and interest thereon, or to account for the proceeds of the sale with interest thereon. (h) The trust-property consists of land. The trustee sells the land to a purchaser for a consideration without notice of the trust. The trustee is liable, at the option of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
