Wrongful purchase by trustee: property declared subject to trust; beneficiary repays purchase money, trustee accounts for profits. Wrongful purchase by trustee permits the beneficiary to have trust-property declared subject to the trust or retransferred where the trustee or a purchaser with notice holds it; the beneficiary must repay purchase-money with interest and preservation expenses, while the trustee or purchaser must account for net profits, be charged with occupation-rent if in possession, and allow deduction for deterioration caused by their acts or omissions.
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.
Wrongful purchase by trustee: property declared subject to trust; beneficiary repays purchase money, trustee accounts for profits.
Wrongful purchase by trustee permits the beneficiary to have trust-property declared subject to the trust or retransferred where the trustee or a purchaser with notice holds it; the beneficiary must repay purchase-money with interest and preservation expenses, while the trustee or purchaser must account for net profits, be charged with occupation-rent if in possession, and allow deduction for deterioration caused by their acts or omissions.
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