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Equity: Trustee Powers (Delegation)

Quiz by samparkin92
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Last updated: October 23, 2023
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First submittedOctober 23, 2023
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Hint
Answer
What is it known as when a trustee delegates all functions to a third party on their own?
Individual delegation
What is the statute for this?
S.25 Trustee Act 1925
How long does this delegation last?
12 months
What is it known as when a trustee delegates some functions to a third party as a group?
Collective delegation
What statute allows to delegate functions?
S.11(2) Trustee Act 2000
What section says WHO can be an agent?
S.12 Trustee Act 2000
Who can NOT be an agent?
Beneficiary
What section requires a trustee to review the policy document?
S.22(2)
What section sets out liability for trustees for acts of an agent?
S.23
Hint
Answer
Are trustees automatically liable for an agents' actions
No
When may a trustee be liable?
Not complied with S.1 Duty of Care
No written policy statement
Not reviewing agents' actions
What is a nominee?
Someone who holds legal title of assets for the trust
Section
S.16 Trustee Act 2000
What is a custodian?
Someone who takes custody of assets or title documents
Section
S.17
Section that restricts category of potential nominees?
S.19
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