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Law of Commerce Assignment PDF

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Added on  2021-05-31

Law of Commerce Assignment PDF

   Added on 2021-05-31

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Running head: LAW OF COMMERCELaw of commerceName of the StudentName of the UniversityAuthor note
Law of Commerce Assignment PDF_1
1LAW OF COMMERCEIssueThe issue related to this case scenario is whether Tanya can be the trustee andexercise all the available duties of a trustee. Rule As per the Corporations Act, 2001 a contract or a relationship is formed between thebeneficiary and the trustee based on the concept of trust. The Trustee Act 1925(NSW), grantsthe power and authority to appoint individuals to carry out the statutory duties. Therefore,trustees are generally appointed in the original trust instrument. As observed in the case of ReLevin & Co Ltd [1936] NZLR 558, only a legal person with the authority and capacity tohold and deal with the property can be appointed as a trustee. A trustee will have no right toexecute his rights if no relationship exists with the beneficiary. The trustee must thereforeimpound that the interest of the beneficiary must be used to satisfy the loss that areoccasioned to the trust. The general and basic duties lay down the way to preserve and protectthe trust fund for clearing out the income and the capital for the ones who are entitled toreceive. The Trust Act of Queensland establishes the terms of the trust document along withthe applicable legislation. Thus, under the Trustee Law, the trustees are personally liable forthe debts of the trusts they administer (Davenport and Nelson 2017). Secondly, trusteesshould be indemnified out of the trust property for the liabilities incurred in the properexecution of the powers of the trustee (Bottomley 2016). The tax affairs should be managedby the tax affairs of the trust that includes the process of registration in the tax system.Cowan v Scargill [1985] 1 stated that the duties of the trustees must be paramount towardstheir existing beneficiaries. Following the legal duties, obeying the law and must put theinterests of their beneficiaries first.
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