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Home Q & A Board Humanities Legal Studies
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tinkrazy101 tinkrazy101
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5 years ago
Clarence is the trustee of a trust. With 75,000 of his own money, Clarence purchases a parcel of real estate. Two months later, he sells the parcel to the trust for 150,000 and pockets the profit. Discuss the situation in terms of the duties and powers of the trustee.
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nobutoharanobutohara
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5 years ago
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Clarence has breached his fiduciary duty to the beneficiaries. Although he does have the power to purchase property on behalf of the trust, he may not use the trust for his own personal gain. He can be compelled to turn over to the trust the profit that he made on the transaction. It is also possible that he can be ousted as trustee and that he may be liable for punitive damages for breach of his fiduciary duty to the trust.
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tinkrazy101 Author
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5 years ago
Good timing, thanks!
dearsophia21
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Yesterday
Helped a lot
jayfo05
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2 hours ago
Correct Slight Smile TY
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