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Lecture

11. Rights of Beneficiaries

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Department
Law
Course
JSB171
Professor
All Professors
Semester
Spring

Description
R IGHTS OF BENEFICIARIES Rights of beneficiaries are reciprocal to the duties of the trustee Right to Extinguish the trust • Beneficiary may direct transfer of trust property where—Saunders v Vautier (beneficiary bequeathed stock to accumulate interest until 25—he was 21 – absolute interest  didn’t have to wait until 25, so can get to trust property earlier than it states) o interests are absolutely vested (not discretionary) o the beneficiary is sui juris (of legal age) • So long as beneficiaries are unanimous o Even if interests are successive rather than immediate: Re White • notwithstanding any express terms of the trust: Saunders v Vautier (beneficiary bequeathed stock to accumulate interest until 25—he was 21 – absolute interest  didn’t have to wait until 25, so can get to trust property earlier than it states) • Extends to— o Annuities bequeathed → may demand money rather than annuity: Re Robbins o One of the interests is held by an institution for charitable purposes: Wharton v Materman o Where trust property has to be sold: Wilkinson v Parry o • There is a clog on the application of the rule if transfer or sale of an undivided share of a trust asset could prejudice the sale of the balance: Re Horsnaill • Does not apply to discretionary trusts: Gartside v IRC. • Life tenant can take possession on suitable undertakings to protect the property from the remainderman: Taylor v Taylor Right to compel performance • Right to sue trustee for any failure to carry out any duty o If serious will provide grounds for removal • Removal only where trust as a whole is endangered by the continuation of the trustee in the office
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