Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Meanwhile, Bart learns that a parcel of land owned by the trust has been sold to a company called Smithereen Properties Pty Ltd. Bart has

Meanwhile, Bart learns that a parcel of land owned by the trust has been sold to a company called Smithereen Properties Pty Ltd. Bart has a copy of the trust deed and knows it was a term of the trust that real property holdings of the trust were not to be sold but rented out, and proceeds retained for the trust. Bart learns from Millhouse's mother, who works as Smithers' secretary, that Smithers is the sole director and shareholder of Smithereen Properties Pty Ltd, and that Smithers has paid himself $10,000 from the trust account which he claims were for 'trustee expenses' incurred in the sale.

Assume you are appearing in the Equity Division of the Supreme Court briefed to appear on behalf of the beneficiaries of the Burns Family Trust. Outline the nature of any claim you may bring against the trustees in relation to:

  • The sale of trust property to Smithereen Properties Pty Ltd.
  • The money which was withdrawn from the trust funds on account of trustee expenses.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Law Text Cases And Materials

Authors: Elizabeth Fisher, Bettina Lange, Eloise Scotford

2nd Edition

0198811071, 978-0198811077

More Books

Students also viewed these Law questions