Trustees, having legal title to the property can exercise control over the property via the powers and rights bestowed on them by the settlor, who himself may be a beneficiary or trustee. These rights and powers arise from their office; they are to be exercised in their capacity as trustee and in the interest of beneficiaries who have beneficial ownership. With this beneficial title comes in equity, rights in respect of the trust rights themselves although not direct rights to possession of the trust property, (Law Commission 2011, P.227).These rights vary with the kind of trust created. The separation of ownership is one of the defining features of trusts .These powers pertain particularly in the trustee’s duty to invest the trust funds, duty to keep trust accounts and a duty to distribute trust assets according to the specifications of the trust. For breach of his duties, a trustee is liable for breach of trust for which the beneficiaries can sue for a money judgement. Beneficiaries have a right to due performance of the trust and to be considered. Powers of Investment The duty of investment has two major components: a duty to invest trust fund so as to be fair or even-handed between the different beneficiaries classes and a duty to invest the trust rights in such a manner as to protect them risk but also ensure reasonable returns.What amounts to investment is a matter of case law. In Re Powers, the court rejected the purchase of a house as residence for the beneficiaries as an investment because there would be no receipt of income from this. As pertains to even-handedness, the benefit of trust property is often divided into income and capital beneficiaries and it accrues as rent, dividends and so on. The guiding principle being that the character of an expense or receipt determines who bears it, hence capita for capital beneficiaries and expenses of an income nature are borne by income beneficiaries, (Penner 2008, P.275). Where such divisions cannot be made, for example where all investment is income as in cases of wasting assets or where the investment doesn’t generate any income a trustee may favour a capital over an income beneficiary or vice-versa. Courts thus impose a duty of fairness requiring the trustee to equally weigh the capital in the making of his investment decisions. As demonstrable by the New Zealand case, Re Mulligan (1998), the duty to invest is a fiduciary one and only by being even-handed can he be said to have acted in the best interests of all beneficiaries. In the case the trustee investment choice maximised the income of the life tenant but there was little capital left in the fund on her death. Interestingly, Cowan v Scargill (1985) Megarry V-C held that trustees’ refusal of an investment plan amounted to a breach in trust. The standard of prudence required is subject to reasonableness, a trustee isn’t expected to overcome the market or save the fund from declining economic woes. The higher the risk of an investment the higher the returns to it. Historically, courts favoured safer options and until recently confined trustees to fixed interest government securities despite the broadness of investment clauses as designed by the settlor of the estate. Once interpreted restrictively, investment clauses are now given their plain meaning, Re Harari’s Settlement Trust, (1949). The Trustee Act gives the legal investment in the absence of clear instructions on the settlor’s part. The law gives a trustee limited powers to delegate investment-making decisions as is the power to appoint
A trust is a concept whereby property, the subject matter of the trust, is transferred from one person the settlor to another, the trustee to hold for a specified list or class of persons, the beneficiaries…
What exhibits a power within a paradigm of political intrigues and among ruling elite is a question answered by philosophers with their philosophical juxtaposition to the contemporary political situation of the era. For some philosophers, the rule by force or law justifies power politics but through abiding by the moral principles.
A Tenant does not refer to a lessee but simply means a holder of land and she, X as a joint tenant, her share and ownership in the entire estate and the shares and ownership of the other tenants Y and Z are considered as one single unit. With joint tenancy the entire estate in land is vested in all the co-owners.
Such regulations include the trade policies, environmental policies, as well as monetary and fiscal policies. To ensure that their products get better positions in the global market, various governments have attempted to make reforms such as trade liberalization, financial sector reforms, or adjustments in foreign exchange rates (Ahmed & Islam, 2009, p.32).
It may be term of years or fixed term i.e. 6 months,1 year, 21 years, 99 years etc or a specific period a periodic tenancy - yearly, monthly, weekly, even daily.
A license gives someone access to and the use of whatever rooms (or equipment) the owner gives them license to use, but does not give a right to use that space exclusively.
Further it looks at whether our retirement is totally dependent on if Social Security is still around or if there is anything we can do to ensure a successful retirement.
The foundation of this report is the Compound Interest. In order to understand what compound Interest is, let us start with what Interest is.
The company management has to make a balanced assessment and evaluate all such external forces in order to adjust them with company's objectives. While taking crucial corporate decisions, it is necessary to know about the expectations of different stakeholders and to determine the extent to which they could and would exert their influence.
The focus of ferling's Adams vs. Jefferson lies not only on the events and political scheming encircling the fiercely contested presidential election of 1800 but it also is an outstanding learning of the political scenario, throughout the early national period.
oints out that “Knowledge too, is itself a power.” There have been other authors who have also tried to point out the same thing in different contexts.
When we think about knowledge, the first component that comes to our mind is information. When we ask the question,
What exhibits a power within a paradigm of political intrigues and among ruling elite is a question answered by philosophers with their philosophical juxtaposition to the contemporary political situation of the era. For some philosophers, the rule by force or law justifies power politics but through abiding by the moral principles. Following the ethical principles makes the ruler rightful heir to the powers he can exert.