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Equity: Trustee Powers (Investment)

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samparkin92
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Last updated: October 11, 2023
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First submittedOctober 11, 2023
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Historical Development
Case for where duty to invest derives?
Re Wragg [1919]
What act limited investments to two categories?
Trustee Investment Act 1961
Who made the statement, 'Any lawyer who failed to include wider investing powers... would be guilty of professional negligence'?
Lord Goodhart
Investment Powers
S.3 of the Trustee Act 2000
General power of investment
Case that put forth a trustee would not be liable if he acted as the prudent man in the regular course of business?
Speight v Gaunt (1883)
What case endorsed this?
Nestle v National Westminster Bank [1993]
Four points raised in this case
Must not choose investments the trust instrument doesn't allow
Regard for interests of those entitled to income and future ones
Avoid all investments that are attended with risk
Ratio of income:capital considered
S.8 of the Trustee Act 2000
Allows land investments
Duties Relating to Investment
S.4 of the Trustee Act 2000
Standard Investment Criteria
Regard for...
Suitability of investment
Regard for...
Diversification of investment
Relevant factors
Structure of trust
Age and type of beneficiaries
Value of fund
What is the 'Portfolio Theory'
Should look at whole rather than individual investments
When should a trustee limit investments due to ethics
When it can be proved to be as good as or better than unethical one
What case rationalised this?
Harries v The Church Commissioners for England [1992]
Duty to Take Advice
S.5 of the Trustee Act 2000
Advice rules
What should a trustee seek advice for?
When exercising power S.5(1)
Diversifying investments S.5(2)
When does the exclusion apply?
When trustee themself has knowledge or expertise S.5(3)
What is defined in S.5(4)?
Proper advice
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