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Thus, a trustee can be exonerated from the "self-dealing" rules on property in situations where: (1) the transaction was authorized by the terms of the trust; (2) the transaction was approved by the court;(3) the beneficiary did not commence a judicial proceeding within the time allowed under statutes of limitation; (4) the beneficiary somehow ...
The aim of the law is to ensure that the intention of the trust creator or decedent is carried out, and to govern the proper distribution of assets to trust beneficiaries, heirs and devisees. [1] To be enacted into law, the Act must be adopted by the state legislature. To date, most states have adopted the Act (sometimes with modifications). [2]
Charitable trusts, like other trusts, are administered by trustees, but there is no direct relationship between the trustees and the beneficiaries. [4] This results in two key points: first, the trustees of a charitable trust have greater freedom to act than other trustees, and secondly, beneficiaries cannot take legal action against the trustees.
The spendthrift clause has three general exceptions to the protection afforded: the self-settled trusts (if the settlor of a trust is also a beneficiary of a trust), the case when a debtor is the sole beneficiary and the sole trustee of a trust, and the support payments (a court may order the trustee to satisfy a beneficiary's support ...
The largest amount of land protected by local and regional trusts is in the Northeast with 2.9 million acres (12,000 km 2), while the fastest growing region between 1998 and 2003 was the Pacific (consisting of California, Nevada, and Hawaii), with protected land increasing 147% to 1.5 million acres (6,100 km 2) in 2003.
The Uniform Prudent Investor Act (UPIA), which was adopted in 1992 by the American Law Institute's Third Restatement of the Law of Trusts ("Restatement of Trust 3d"), reflects a "modern portfolio theory" and "total return" approach to the exercise of fiduciary investment discretion.
Then, in 1851, the Illinois Central Railroad Company made an offer to the City of Chicago that in exchange for allowing tracks to be laid along the lake front, the railroad company would pay for and build a breakwater to protect the harbor. [2] Illinois then officially granted 3 million acres (12,000 km 2) of shoreline along Lake Michigan to ...
In trust law, a settlor is a person who settles (i.e. gives into trust) their property for the benefit of the beneficiary. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. [a] Where the trust is a testamentary trust, the settlor is usually referred to as the testator.