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However, a trustee may act otherwise than in accordance with the terms of the trust if all beneficiaries, being sui juris and together absolutely entitled, direct the trustee to do so (or so consent). If any question arises as to the constriction of the provisions of the trust, the trustee must approach the court for determination of the question.
A Licensed Insolvency Trustee (LIT) is a person licensed by the Superintendent of Bankruptcy in Canada to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice about both the proposal and bankruptcy processes and make sure that both the debtor's rights and the creditor ’s ...
The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
The trustees extended Haines' paid leave, which began in October 2022, to up to 17 months. He is getting his salary of $75,000 a year, plus benefits, without working until March 22 next year and ...
But the trustee has discretion as to how any remaining trust property, once these fixed amounts have been paid out, is to be paid to the beneficiaries. Implied trust: as distinct from an express trust, is created where some of the legal requirements for an express trust are not met, but an intention on behalf of the parties to create a trust ...
A trust is an excellent way to bestow wealth, but disbursing money to your beneficiaries hinges on a crucial party: the trustee. Your trustee's financial knowledge, discretion and accountability ...
The term "Board of Trustees" is the most commonly used name for governing bodies of universities in the United States. [3]All schools within the Ohio Higher Education System are governed by individual boards of trustees, including Miami University and Ohio State University.
The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee's handling of the case and, for good cause, can seek the removal or replacement of the trustee.