parties to a trust

Question 1

who creates express trusts

Answer 1

a truster
the truster of an intervivios can be natural/ juristic persons
if a mortis causa trust can me a natural person called a testator

Question 2

when is there no truster

Answer 2

trust created by stat

trust arising by op of law

Question 3

what happens once the trust is set up

Answer 3

only continuing interest of the truster

the right to appoint new trustess in a lapsed private trust

a contingent right to have property reconveyed in the event of failure of private trusts

Question 4

glentannar v Scottish industrial musical assn

Answer 4

once trust is set up the truster drops out of the picture but RETAINS the power to appoint new TRUSTEES in a LAPSED PRIVATE TRUST

Question 5

can the truster be give additional powers by the trust deed

Answer 5

yes. very pop in offshore and us juristictions

Question 6

can a trust exist without a trustee

Answer 6

no. original trustees are distinguished from assumed
trustees may be natural or juristic persons
SOME PERSONS ARE PROHBITED FROM BEING THE TRUSTEE OF CHARITY S.69 CHARITIES AND INVESTMENT 2005

Question 7

What do the trustees own

Answer 7

they own the trust property. they have 2 pat. their PRIVATE PAT and TRUST PAT

Question 8

can trustees get rem

Answer 8

they can be entitled to be reimbursed for reasonable expenses but the default ruk is that they are expected ti act gratiously. a deed may nevertheless provide for payment where a trustee is a prof trustee

Question 9

s.67 charities and investment 2005

Answer 9

rem for trustees of charities

Question 10

appointment of ORIGINAL trustees trustees

Answer 10

is usually made by the truster in the trust deed and no particular formular is needed

Question 11

Kilmarnock v ossingtons trs

Answer 11

APPOINTMENT a trustee may decide to appoint trustee ex officio.

case stated that one of the trustees would be chairman of the pariochial board of the parish of Kilmarnock and his successor in office for time being, so long as the board shall exist

Question 12

what happens if the truster appoints his trustees on a sin qua non basis

Answer 12

APPOINTMENT the trustee has a right to veto over the acts of his co-trustees

Question 13

lord glentanr v Scottish musical arn

Answer 13

if there are no trustees then the truster may appoint a new trustee or may nominate a person to appoint them to a private case if the TRUST DEED IS SILENT

Question 14

martin v fergussons trs

Answer 14

trustees may be appointed not only by name ut by a descriptive reference ( i wish my estate to be handles by the same people as my brother)

Question 15

trusts scot act 1921 s.3(b)

Answer 15

by a quorum of the existing trustees. unless EXLUDED BY TRUST DEED the appointment is by the deed of assumption
trust scot 21 and sh B

Question 16

trusts scot act 1921 s.22

Answer 16

the COS or sherrif court appoint trustees

Question 17

s.34(5) charities and investiment

Answer 17

the COS under nobille officium

Question 18

70 A charities and investiment 2005

Answer 18

appointment by the court

the officer of Scottish charity regulator a court may appoint a judicial factor instead

Question 19

kerr v city of Glasgow bank

Answer 19

the appointed trustee must accept office as trustee expressly or by implications of actings

acceptance by triustee may be express or implied behaviour from actings
not expressly accepted law agent put shares in bank no direct knowledge. kerr signed warrant hadn’t expressly accepted BUT his behaviour IMPLIED

Question 20

could a person decline becoming trustee

Answer 20

yes expressly. in the case of ex office trustee it may be a condition of accepting the office that the person also accept the position of trustee BUT NO PERSON AHAS TO ACCEPT AGAINST HIS WILL

no acceptance necessary where trust arises by op of law

Question 21

what do they trustees convey on they appointment of the new trustee

Answer 21

truat pat to themselves and the new trustee sch B trust scot act includes this