Outline the remedies available to the beneficiary in case of breach of a trust by trustee.docx - a Outline the remedies available to the beneficiary in

Outline the remedies available to the beneficiary in case of breach of a trust by trustee.docx

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a) Outline the remedies available to the beneficiary in case of breach of a trust by trustee. (5mks) b) The parents of Mwangi, Kirui and Omondi died in March 2008. Friends and relatives organized a fund raising in May 2008 which raised sh.3,960,000. This money was to cater for the welfare of the three orphans. Mr Kilimo, who was appointed the trustee invested this amount as follows: 9,600 ordinary shares of sh.10 par value in Fimbo ltd. 864,000 12,600 ordinary shares of sh.10 par value in Lima ltd. 1,512,000 13,200 ordinary shares of sh.10 par value in Pewa ltd. 1,584,000 3,960,000 Mr Kilimo also established an accumulation and maintenance trust to hold these investments on behalf of the children. The trust had a wide investment clause. The accounts were to be made to 30 April each year. When a beneficiary reached the age of 21 years, Mr Kilimo would transfer the share of the fund due to him/her. Mwangi turned 21 years on 30 April 2012. The balances on the accumulation fund for Mwangi, Kirui and Omondi as at 1 March 2011 were sh.414,000, sh.207,900 and sh.69,300 respectively.
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  • Spring '17
  • Dr.Agnes Meroka

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