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(PDF) Law and Commerce Assignment

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Added on  2021-05-31

(PDF) Law and Commerce Assignment

   Added on 2021-05-31

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Running head: LAW OF COMMERCELaw of CommerceName of the StudentName of the UniversityAuthor note
(PDF) Law and Commerce Assignment_1
1LAW OF COMMERCEIssueThe concerned issue of this situation is whether Tanya can attain the position of aTrustee and carry out the necessary duties.RuleAccording to the Trustee Act 1925, persons can be appointed to execute the statutoryduties. This act provides the authority and power for the appointment. However, based on theCorporations Act, 2001, a trust is formed based on the relationship between the trustee andthe beneficiary. An original instrument of trust is required for the appointment of the trustees.Such individual will be appointed as a trustee who has the legal capacity and ability as per theAAZ v BBZ [2016] EWHC 3234. Therefore, as per the observation if no sort of relationshipexists between the beneficiary and the trustee then no rights can be executed by the trustee.The usual duties of the trustee states that he can conserve and protect the trust fund forgetting rid of the capital and income for those individuals who are entitled to receive.However, a trustee will therefore have an impound on the interest of the beneficiary. Thebeneficiary must be used for the purpose to gratify the loss that has been given to the trust. Ithas been determined in the legislation of Trust Act of Queensland that the terms mentionedin the trust document will be applicable when a relationship is formed between thebeneficiary and the trustee (Van der Velde 2016). However, as it can be observed, the trusteescan be held liable personally for the loans or debts that are administered from the trust. Itshould be indemnified from the property that have been incurred for executing the trustee’spowers (Young 2015). The legislation further states that the trustees should manage theaffairs of tax where the procedure of registration in the tax system will also be included. Inthe matter of Heathman v Lizer,, it was observed that when the trustees will carry out theirduties, it should be beneficial to the beneficiaries. The natural legal duties of a trustee must be
(PDF) Law and Commerce Assignment_2

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