Trustee self-dealing restrictions: trustee cannot buy or lease a beneficiary's trust interest without prior permission and only if clearly beneficial. Trustees and recent ex-trustees may not buy, become mortgagee, or become lessee of trust property or a beneficiary's interest without prior permission, which must be allowed only if the proposed transaction is manifestly for the beneficiary's advantage. Additionally, any trustee whose duty is to purchase or to obtain a mortgage or lease of specified property for the beneficiary is barred from acquiring any part of that property for himself to avoid conflicts arising from duties to purchase.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Trustee self-dealing restrictions: trustee cannot buy or lease a beneficiary's trust interest without prior permission and only if clearly beneficial.
Trustees and recent ex-trustees may not buy, become mortgagee, or become lessee of trust property or a beneficiary's interest without prior permission, which must be allowed only if the proposed transaction is manifestly for the beneficiary's advantage. Additionally, any trustee whose duty is to purchase or to obtain a mortgage or lease of specified property for the beneficiary is barred from acquiring any part of that property for himself to avoid conflicts arising from duties to purchase.
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