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22 Cards in this Set
- Front
- Back
Styles v Guy
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inaction or standing by while other t's breach is a breach
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Target
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if one breach causes a profit, losses cannot be offset by it, see also dimes v scott. Losses must be caused by the breach
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Re Dawson
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T must account for profits made or losses caused to the trust by a breach
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Knott v Cottee
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if t's invest in unauthorised investments they will be liable for any losses when the investment is realised
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Fry v Fry
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where unauthorised investments are retained the t's will be liable for any loss in value between when assets ought to have been realised and when they actually were
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Re Chapman
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any loss incurred on the sale of authorised investments can only be recovered from the t's if they are guilty of wilful default
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Massingberds
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if t's improperly realise authorised investments they will be liable for the cost of replacing them
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Saunders v Vautier
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beneficiaries may adopt any unauthorised investments
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Byrchall
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where trustees fail to invest at all after being directed to a particular investment, they will be liable for the extra cost of investing at a later time
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Nestle
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if specific loss that be proven, that will be the measure of t's liability
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Jaffray
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where a continuing breach prevents an asset from being realised, loss to the trust should be based on the highest value of the asset during the period where but for the breach it could have been realised
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Re Flower
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duty of trustees is to prevent one of themselves having the exclusive control over the money and certainly not by any act of theirs to enable one of themselves to have exclusive control over it
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Bahin v Hughes
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liability for breach of trust is joint and several, both active and passive trustees were equally liable and passive ones were not entitled to be indemnified by active ones
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Civil liability (contributions) act 1978
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trustees are entitled to be indemnified by a trustee who alone is guilty of fraud
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Chillingworth
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where 1 of the t's in breach is also a beneficiary of the trust and intended to profit by the breach, he must indemnify the other t's to the extent of the beneficial interest
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Re Dacre
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Where a trustee/beneficiary is in breach of trust, he can receive no further benefit under the trust until the loss is made good
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Trustee act 1925 s61
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statutory power of the courts to relieve t's from liability
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Perrins
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complete absence of dishonesty was a prerequisite for s61
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Holder
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its not necessary for the b to know he is consenting to a breach
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Fletcher v Collis
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a breach consented to a by a sui juris b will remove the right for that b to recover losses related to that breach
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Boardman v Phipps pt 2
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t's have a duty to get informed consent from a b
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Paulings ST
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consent will not be valid if its a product of undue influence
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