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. Which of the following statements is true?

'An amateur trustee is entitled to be reimbursed from the trust funds, or may pay out of the trust funds, expenses properly incurred by him when acting on behalf of the trust' (s. 31(1) Trustee Act 2000, replacing the provision to like effect in s. 30(2) Trustee Act 1925). correct incorrect

'An amateur trustee is entitled to be reimbursed from the trust funds, or may pay out of the trust funds, the reasonable cost of his time spent acting on behalf of the trust'. correct incorrect

'An amateur trustee is entitled to be reimbursed from the trust funds, or may pay out of the trust funds, the full cost of his time spent acting on behalf of the trust'. correct incorrect

'An amateur trustee is entitled to be reimbursed from the trust funds, or may pay out of the trust funds, fees and expenses properly incurred by him when acting on behalf of the trust'. correct incorrect

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. Where a trustee is a solicitor acting in his or her professional capacity he or she is entitled to reasonable remuneration if:

A non-professional trustee would be incapable of providing the services charged for. correct incorrect

Every other trustee has agreed to the remuneration in writing. correct incorrect

The solicitor is acting as sole trustee. correct incorrect

The solicitor is acting as sole trustee. correct incorrect

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. Where the trust instrument specifies a level of remuneration for trustees, it follows that:

The court may award a higher level on the appointment of new trustees. correct incorrect

The court may never award a higher level. correct incorrect

The court may award a higher level only if it is in the best interests of the beneficiaries to do so. correct incorrect

The court may award a higher level only by varying the trust instrument under the Variation of Trusts Act 1958. correct incorrect

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. In Re Berkeley Applegate Ltd [1989] Ch 32, Edward Nugee QC stated that:
"The authorities establish, in my judgment, a general principle that where a person seeks to enforce a claim to an equitable interest in property, the court has a discretion to require as a condition of giving effect to that equitable interest that an allowance be made for costs incurred and skill and labour expended in connection with the administration of the property". What maxim is being applied here?

He who seeks equity must do equity. correct incorrect

Nobody leaves the Court of Chancery without a remedy. correct incorrect

Equity sees as done that which ought to be done. correct incorrect

Equity imputes an intention to fulfil an obligation. correct incorrect

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. The rule against unauthorised fiduciary profits applies:

Where the profit to the trustee causes a loss to the trust. correct incorrect

Only where there is a real and sensible possibility of conflict. correct incorrect

Where there is any possibility of conflict. correct incorrect

Strictly. correct incorrect

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. Which of the following principles best explains the reason why the rule against unauthorised fiduciary profits takes the form it does?

Fairness. correct incorrect

Prevention is better than cure. correct incorrect

Compensation for wrong. correct incorrect

Disgorgement of unjustified enrichment. correct incorrect

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. Which of the following accurately summarises the current law?

A trustee may not delegate his fiduciary duties to an agent. correct incorrect

A trustee may not delegate any trust duties to an agent. correct incorrect

A trustee may not delegate his administrative duties to an agent. correct incorrect

A trustee may delegate any of his trust duties to an agent, provided the agent is carefully chosen and properly appointed. correct incorrect

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. Which of the following trustee functions is delegable in the case of a non-charitable trust?

The choice between income or capital as the source of a payment (such as payment of tax due). correct incorrect

The distribution of trust assets (e.g., under a discretionary trust). correct incorrect

Choice of trustee investments. correct incorrect

The appointment of a trustee, agent, nominee or custodian. correct incorrect

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. Which of the following trustee functions is delegable in the case of a charitable trust?

Amending the charitable objects correct incorrect

Determining investment policy correct incorrect

Distributing trust income correct incorrect

Fund-raising activity correct incorrect

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. Which of the following statements accurately summarizes the law?

Expenses incurred for the benefit of both the income and capital beneficiaries must be shared proportionately. correct incorrect

It is only expenses incurred exclusively for the benefit of the capital beneficiaries that may be charged against capital. correct incorrect

Expenses incurred for the benefit of both the income and capital beneficiaries must be shared equally. correct incorrect

Only expenses incurred exclusively for the benefit of the income beneficiaries that may be charged against income. correct incorrect