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Succession and Trusts > Trusts > Flashcards

Trusts Flashcards

1
Q

Templeton v Burgh of Ayr

A

Trust left assets to trustor’s sister. Fee was going to Council of Ayr to REBUILD bridge when needed but council decided to RESTORE bridge. Kin held trust must fail because restoring not rebuilding - kin claim failed

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2
Q

Parish Council of Kilmarnock v Ossington’s Trs

A

Trustees can be holder of an office

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3
Q

Parish Council of Kilmarnock v Ossington’s Trs

A

Trustees can be holder of an office

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4
Q

Martin v Ferguson’s Trustees

A

‘same trustees as my brother’ - can be appointed by name or reference

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5
Q

Ker v City of Glasgow Bank

A

Can accept being appointed as trustee expressly or by implication from actings

Prolonged inaction insufficient for resignation - must be expressly in writing

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6
Q

RBS Plc, Petitioner

A

RBS was trustee - was being remunerated (not always the case that remunerated trustees can resign) - court will look at where it is in the interest of the trust (beneficiaries) for you to step down and someone replace you

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7
Q

McKenna v Rafique

A

Sheriff held so long as resignation is in writing and drawn to the attention of other trustees then there are various means by which it can be done - necessary process not clear for resignation

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8
Q

Ciarocca v Ciarocca

A

Malversation of office required
- Bad faith
- Complete inattention to duties or self-dealing
- Refusal to sign doc leading to administrative deadlock

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9
Q

Shenken v Pheonix Life ltd

A

Trustee not replaced by heirs or executors after having died
Death divests the trustee of title
Trust property passes automatically to the other trustees

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10
Q

McCraig’s Trs v Kirk Session of United Free Church of Lismore

A

Directions in private trust to install statues of family members of testarix (argued that public interest as could provide jobs for artists sculptors etc)
- Held contrary to public policy - ‘sheer waste of money’ - ‘vanity’

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11
Q

Aitken’s Trs v Aitken

A

Wanted to knock down shops (he owned) in town and put up a bronze statue of himself.
- Contrary to public policy and would have made the town ‘ridiculous’

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12
Q

Mackenzie v Mason and Stuart

A

Trustees OWN trust property but immune from private creditors of trustee

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13
Q

Macpherson v Macpherson

A

Declaration of trust: word ‘trust’ not essential

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14
Q

Clark Taylok and Co Ltd v Quality Site Development

A

Trust declaration should include:
- Trust property
- Purposes
- Beneficiaries

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15
Q

Allan’s Trs v Ld Adv

A

Declaration of trust must be intimated to at least 1 beneficiary

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16
Q

Marques of Lothians CB

A

Performance of trustee can only be at variance with ‘terms’ of trust when its exercise hasn’t been expressly prohibited

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17
Q

Rezac’s Exrs v Rezac’s Ex

A

Sale was at variance with trust purpose as intention was clear from the deed - trustees not authorised to sell the property

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18
Q

Thomson v Campbell

A

If trustees appoint agents they won’t incur liability for loss due to negligence or fraud from agent but will be if they fail to exercise due care in selection and supervision

19
Q

Scott v Occidental Petrol (Caledonia) Ltd

A

Mustn’t give too many discretionary powers to agent - this is for trustee to exercise

Must monitor agent’s work and replace them if they perform badly

20
Q

Macfarlane v Macfarlane’s Trs

A

Powers to advance capital: where income from trust inadequate to meet trust purposes court can authorise trustees to advance capital of trust fund to beneficiaries under the age of 18

ONLY WHEN:
Beneficiary has VESTED or CONTINGENT right to capital AND advance is NECESSARY for purposes of education and maintenance of beneficiary

21
Q

Shanks v Aitken

A

Trustees with personal interest can’t take part in vote

22
Q

Wyse v Abbott

A

Lack of consultation amongst trustees made appointment of additional trustee invalid

23
Q

Malcolm v Goldie

A

Consultation unnecessary where trustee uncontactable

24
Q

Raes v Meek

A

Duty of care: same degree of diligence that an ordinary man would exercise of his own affairs

25
Q

Knox v Mackinnon

A

Duty of care is an objective test

26
Q

Leitch v Leitch

A

In every trust it is implied that there is a duty to keep accounts unless expressly excluded or by implication

27
Q

Melvillen Nobles Trs

A

Breach of trust because hadn’t considered whether investment was in interest of trust = reasonable person wouldn’t just leave their investment and let it sit

28
Q

Lamond Trs v Croom

A

No liability for breach of trust if trustee took all possible steps to establish facts

29
Q

Warren’s JF v Warren’s Ex

A

No liability for breach of trust if trustee obtained legal advice as to the extent of their powers

30
Q

Johnson v Macfarlane

A

A transaction in breach of fiduciary is reducible by beneficiaries

31
Q

Johnson v Macfarlane

A

A transaction in breach of fiduciary is reducible by beneficiaries

32
Q

Cherry’s Trs v Patrick

A

If trustee profits from breach of fiduciary duty they must pay the profit into trust patrimony regardless of whether or not patrimony suffered a loss

33
Q

Millar’s Trs v Polson

A

Co-trustees have duty to take steps if funds as misappropriated by another trustee

34
Q

Knox v Mackinnon

A

Immunity clauses will be interpreted narrowly and restrictively

35
Q

Clarke v Clarke’s Trs

A

Clause absolving trustees from liability for retained investments held ineffective

Trustees personally liable for loss to estate

36
Q

Lutea Trs v Orbis Trs Guernsey

A

Professional trustee loaned money to someone who promised to pay double next day - never paid = worthless security

37
Q

Cuningham v Montomerie

A

Intra Vires Contracts - only trust patrimony liable

38
Q

Brown v Sutherland

A

Trustees may be personally liable if they didn’t make it clear to 3rd party that they were acting as trustee

39
Q

Mortgage Corporation v Mitchells Robertson

A

Constructive trust created for benefit of beneficiaries to protect trust property from creditors as result of misconduct

40
Q

Tod v Tod’s Trs

A

Beneficiaries can insist on seeing accounts

41
Q

Nouvillan v Nouvillan’s Exc

A

Beneficiaries can insist on seeing accounts

42
Q

Huntington and Cooper v Sulphur and Co v Henderson

A

Fiduciary duty: ‘the principle is that a person who is charged with the duty of attending to the interest of another shall not bring his own interest into competition with his duty’

43
Q

Magistrates and Town Council of Aberdeen v The University of Aberdeen

A

Trustee prohibited from purchasing trust property

Succession and Trusts (4 decks)

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