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| Home > Business Law > Trust Law |
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| Documents And Accounts Of Trust Property |
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The beneficiary has a right to inspect and take copies of the instrument ofthe trust, the documents of title relating solely to the trust property, the accounts of the trust property and the vouchers if any by which theyare supported and as well the cases submitted and opinions taken by the trustee from the court for his guidance in the discharge of his duty.
PROTECTION OF TRUST AND TRUST PROPERTY
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Where a trustee has wrongfully bought trust property the beneficiary has aright to have the property retransferred by the trustee or to have suchproperty declared subject to the conditions and safeguards of theinstrument of trust.
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Where a third person acquires the trust property inconsistently with the trust, the beneficiary can file a suit to seek declaration that the property belongs to the trust. But such a declaration cannot be obtained if the third party has obtained the property in good faith by making due payment and without having notice of the trust
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However, in such cases, the beneficiary can claim the money obtained by thetrustee on selling the trust property from the trustee or his legal representatives.
LIABILITY OF BENEFICIARY
If one of several beneficiaries facilitates or partakes in the breach oftrust committed by the trustee or deceives a trustee and induces him tocommit a breach of trust or fails to take proper steps to protect interestsof other beneficiaries after he becomes aware of the intended or committed breach of trust, he is liable to such all other beneficiaries. These othe rbeneficiaries can impound all the beneficial interest of such liable beneficiary until the loss caused by breach of trust is compensated. |
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