Law of Succession and Trusts Past Paper with Model Answers 2020/2021
26 views 0 purchase
Course
Law of Succession and Trusts (LAW09123)
Institution
Edinburgh Napier University (ENU)
This document provides model answers to 3 questions taken from the 2020/2021 past paper for the Law of Succession and Trusts module. Author achieved a first class grade for the module.
Several years ago, Mr Kreese created the Cobra Kai Karate Trust, which is a
public trust intended to promote the study of a particularly awesome form
of karate. As trustees, he appointed himself along with Johnny, Daniel,
Miguel and Robby. The trust deed makes no reference to the assumption or
resignation of trustees but states clearly that there are to be five trustees at
any given time and that Mr Kreese will be a trustee sine qua non. The trust
deed also says nothing about the duties of trustees. Unfortunately, things
have gone badly. Advise the trustees on the following issues:
(a) Robby had a vicious argument with Johnny and Miguel. Robby
subsequently spray-painted the words “I QUIT” on the bonnet of Johnny’s
car and is now refusing to attend trust meetings. Mr Kreese states that, as
truster, he retains the power to appoint a new trustee to replace Robby.
Advise the trustees on the validity of Robby’s resignation and the
mechanisms for replacing him. 40 marks
(b) Daniel, in addition to being a karate aficionado, is the owner of LaRusso
Auto Group, a major car dealership in the area. None of the other trustees
knew that Daniel was the owner. Recently, at Daniel’s suggestion the trust
bought three vans from LaRusso Autos which will be used to transport
underprivileged youths to karate competitions all over Scotland. By
accident, Johnny has just discovered that Daniel is the owner of LaRusso
Autos and believes that Daniel is taking advantage of his position to make a
profit. Daniel, however, claims that he was not directly involved in the sale
and that the trust got a good price. Advise Johnny on the validity of the van
purchase and whether the profits can be recovered. 30 marks
(c) The trustees recently saw a television programme about llama farming in
the Andes and decided to invest all the trust’s funds in this sector. They did
not receive any advice and, as a result, the trust has lost most of its money.
The trustees have also neglected to keep proper accounts of their
investments and expenditure. They state that this is not a problem, because
the trust deed does not say they have a duty to account. Advise them of
their legal responsibilities on this matter. 30 marks
Total 100 marks. Total marks for section A: 100
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FirstClassLawEssentials. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.29. You're not tied to anything after your purchase.
