ABSTRACT

This chapter considers the obligations borne by trustees either under the trust instrument (if there is one) or under the general law of trusts. While this chapter will focus on those rights and duties that statute and the case law have developed, what should not be forgotten is that the detailed terms of the trust will be decisive of most of these issues as to the duties of the trustees on a case-by-case basis. By considering both the case law and the statutes dealing with the obligations of trustees we will be able to form a more complete picture of the nature of a trust.