JSB171 Lecture Notes - Lecture 1: Burns Philp, Sui Iuris, Remainderman
Document Summary
Rights of beneficiaries are reciprocal to the duties of the trustee. So long as beneficiaries are unanimous 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 : annuities bequeathed may demand money rather than annuity: re, one of the interests is held by an institution for charitable purposes, 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.
