When partners who are also trustees of a deceased partner lend trust money to the firm, they are personally liable as trustees to make up any money lost and account for profit or interest on it, even though it may be secured by mortgage of firm property1. An inquiry may be directed as to whether the beneficiaries will receive more by way of interest or profits2. If the partners of such trustees have notice of the breach of trust, they are under the same liability3. Thus, where the executor of a deceased partner improperly uses his testator's assets in
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234