Q&As

When a custodian holds assets, are they held on trust for the client? Is there a difference between cash and other assets?

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Published on LexisPSL on 30/06/2016

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • When a custodian holds assets, are they held on trust for the client? Is there a difference between cash and other assets?

When a custodian holds assets, are they held on trust for the client? Is there a difference between cash and other assets?

Trustees have a general power under Trustee Act 2000 (TrA 2000), s 17 to appoint a custodian of trust assets where such power has not been restricted or excluded by the trust instrument TrA 2000, s 26. Trustees remain under a duty of care to supervise custodians TrA 2000, s 22 and review the terms of the custodianship and may be liable for any act or default

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