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Chapter

Cover Equity & Trusts

13. Dispositive Powers  

Paul S Davies and Graham Virgo

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter begins with a definition of the nature of dispositive powers and duties and how they relate to the distribution of trust property to beneficiaries or objects. They are sometimes referred to as ‘beneficial’ powers and duties. It is hard to draw the distinction between dispositive and administrative powers and duties, but it is a necessary distinction since different rules relate to administrative and dispositive powers and duties. Trustees may have various powers relating to the appointment of trust property to beneficiaries, and there are various consequences of a dispositive power not being exercised. These include liability for breach of trust and the court’s exercising the power instead. Sometimes the trustees may be authorized by the court to exercise the power late.

Chapter

Cover Essential Cases: Equity & Trusts

Bristol and West Building Society v Mothew [1998] Ch 1, Court of Appeal  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Bristol and West Building Society v Mothew [1998] Ch 1, Court of Appeal. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Bristol and West Building Society v Mothew [1998] Ch 1, Court of Appeal  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Bristol and West Building Society v Mothew [1998] Ch 1, Court of Appeal. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Equity & Trusts

18. Proprietary Claims and Remedies  

Paul S Davies and Graham Virgo

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter discusses proprietary claims and remedies, which are based upon a claimant’s property rights. Proprietary claims require the claimant to have a right that can be identified in property in the defendant’s hands either through the process of following or that of tracing. Where a breach of trust or fiduciary duty has involved the transfer of property in which the beneficiary or principal has an equitable proprietary interest, the beneficiary or principal may wish to bring a claim to assert his or her proprietary interest in assets that are now in the hands of another person. Such claims are founded on the beneficiary’s equitable interest in the property, and so are properly characterized as proprietary claims. However, although the claim is founded on the beneficiary’s proprietary rights, the remedy awarded is not necessarily a proprietary one.

Chapter

Cover Essential Cases: Equity & Trusts

Tang Man Sit v Capacious Investments [1996] AC 514, Privy Council  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Tang Man Sit v Capacious Investments [1996] AC 514, Privy Council. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Tang Man Sit v Capacious Investments [1996] AC 514, Privy Council  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Tang Man Sit v Capacious Investments [1996] AC 514, Privy Council. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Boardman v Phipps [1967] 2 AC 46, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Boardman v Phipps [1967] 2 AC 46, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Boardman v Phipps [1967] 2 AC 46, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Boardman v Phipps [1967] 2 AC 46, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Bank of Credit and Commerce International (Overseas) Ltd v Akindele [2001] Ch 437, Court of Appeal  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Bank of Credit and Commerce International (Overseas) Ltd v Akindele [2001] Ch 437, Court of Appeal. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Foskett v McKeown [2001] 1 AC 102, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Foskett v McKeown [2001] 1 AC 102, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Bank of Credit and Commerce International (Overseas) Ltd v Akindele [2001] Ch 437, Court of Appeal  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Bank of Credit and Commerce International (Overseas) Ltd v Akindele [2001] Ch 437, Court of Appeal. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Foskett v McKeown [2001] 1 AC 102, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Foskett v McKeown [2001] 1 AC 102, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Pearce & Stevens' Trusts and Equitable Obligations

36. Limitation of action  

This chapter considers the defence of limitation in regard to an action for compensation for breach of trust, which are governed by the Limitation Act 1980. Actions normally have to be brought within a six-year limitation period, though there are exceptions such as fraud, where no limitation period is imposed. The related doctrine of laches (unreasonable delay) is also explored. It also considers those provisions as they apply to actions against fiduciaries who have received an unauthorized profit, which has proved more difficult because the legislation does not make any express provision for such claims. A failed attempt at legislative reform of the operation of limitation periods by the Law Commission is also explored.

Chapter

Cover Essential Cases: Equity & Trusts

Swindle v Harrison [1997] 4 All ER 705, Court of Appeal  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Swindle v Harrison [1997] 4 All ER 705, Court of Appeal. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Swindle v Harrison [1997] 4 All ER 705, Court of Appeal  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Swindle v Harrison [1997] 4 All ER 705, Court of Appeal. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover The Principles of Equity & Trusts

13. The Administration of Trusts  

This chapter examines the natures of trustees’ duties and power related to the administration of trusts. It considers the sources of these duties and powers, the function of the trust instrument in the interpretation of these duties and powers, and the issue of breach of trust. It describes the trustees’ power to compound liabilities, to settle claims, and accumulate income. This chapter also discusses some of the main duties of trustees which include the duty of care, the duty to safeguard the trust property, and the duty to maintain a fair balance between the beneficiaries. The duty to invest property is considered in some detail, with particular reference to the need to manage risk through a diverse portfolio and consideration of whether ethical considerations can be taken into account when selecting investments.

Chapter

Cover Essential Cases: Equity & Trusts

Re Goldcorp Exchange Ltd [1995] 1 AC 74, Privy Council  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Re Goldcorp Exchange Ltd [1995] 1 AC 74, Privy Council. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover The Principles of Equity & Trusts

13. The Administration of Trusts  

This chapter examines the natures of trustees’ duties and power related to the administration of trusts. It considers the sources of these duties and powers, the function of the trust instrument in the interpretation of these duties and powers, and the issue of breach of trust. It describes the trustees’ power to compound liabilities, to settle claims and accumulate income. This chapter also discusses some of the main duties of trustees which include the duty of care, the duty to safeguard the trust property, and the duty to maintain a fair balance between the beneficiaries. The duty to invest property is considered in some detail, with particular reference to the need to manage risk through a diverse portfolio and consideration of whether ethical considerations can be taken into account when selecting investments.

Chapter

Cover Essential Cases: Equity & Trusts

Re Goldcorp Exchange Ltd [1995] 1 AC 74, Privy Council  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Re Goldcorp Exchange Ltd [1995] 1 AC 74, Privy Council. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Nestlé v National Westminster Bank Plc [1993] 1 WLR 1260, Court of Appeal  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Nestlé v National Westminster Bank Plc [1993] 1 WLR 1260, Court of Appeal. The document also includes supporting commentary from author Derek Whayman.