Trust Patrimony Flashcards
1
Q
Dual patrimony theory.
A
Trustee has:
- private patrimony (totality of assets/liabilities)
- trust patrimony (trust fund/obligations)
2
Q
What is the duty of segragation?
A
- trustee has a duty to keep private patrimony separate from trust
- trust patrimony is subject to trust law
3
Q
What is the effect of joint ownership?
A
Trustees own the trust patrimony jointly.
- each own personal patrimony wholly by trust patrimony jointly.
4
Q
Liability of:
- trust patrimony
- private patrimony
A
Trust patrimony:
- beneficiaries
- trust creditors
Personal patrimony:
- beneficiaries in breach of trust
- private creditors
5
Q
Glasgow City Councils v Managers.
A
Trust property immune from trustee’s personal debt.
