vustudents
08-16-2012, 10:55 PM
3. Definition:
Sec, 3 trust act defines the person for whose benefit the confidence is accepted is called the beneficiary.
4. Who may be beneficiary:
According to Sec, 9 every person capable of holding property may be beneficiary. in other words every person capable of holding property may be a beneficiary. he is not bound to accept the interest under trust.
5. Rights of beneficiary under trusts act:
Following are the rights of a beneficiary under trust act.
I. Right to rent and profit:
The beneficiary, has subject to the provisions off the instrument of the trust, a right to the rents and profit of the trust property.
II. Right to specific execution:
The beneficiary is entitled to have the intention of the author of the trust specifically executed to the extent of the beneficiary,s interest and where there is only one beneficiary and he is competent to contract, or where there are several beneficiaries and they are competent to contract, and all one mind, he or they may require the trustee to transfer the trust property to him or them, or to such person as he or they may direct.
III. Right of inspection:
The beneficiary has a right, as against the trustee and all persons claiming under him with notice of the trust, to inspect and take copies of the instruments of the trust, the document of title relating solely to the trust, property, the accounts of the trust property and the vouchers (if any) by which they are supported, and the cases submitted and opinions taken by the trustee for his guidance in discharging of duty.
He can make inspection of following:
(i) Instrument of trust.
(ii) The documents of title relating solely to the trust property.
(iii) The vouchers
(iv) Cases if any pending in the court of law.
IV. Right to transfer beneficial interest:
The beneficiary if competent to contract, may transfer his interest, but subject to the law for time being enforce as to the circumstances and extent in and to which he may dispose of such interest but this debare married women to transfer or assign her beneficial interest during her marriage.
V. Right to sue for execution of trust:
Where no trustees are appointed or all trustees die, disclaim or are discharged, or where for any other reason the execution of the trust by the trustee is or becomes impracticable the beneficiary may institute a suit for execution of the trust, and the trust shall; so for as may be possible, be executed by the court until the appointment of a trustee or new trustees. VI. VI.Right to proper trustees:
The beneficiary has a right (subject to the provisions of the instrument) that the trust property shall be properly protected and held and administered by proper and by a proper number of a such persons.
Following are not proper trustee:
(a) A person domiciled abroad.
(b) An alien enemy.
(c) A person who has conflicting interest with that of the beneficiary.
(d) An insolvent person.
(e) A minor.
(f) A married woman.
VII. Right to compel to any act of duty:
The beneficiary has a right that his trustee shall be compelled to perform any particular act of his duty as such and restrained from committing any contemplated or probable of.
VIII: Right to proceed against trustee:
Where a trustee has wrongfully brought trust property, the beneficiary has a right to have the property declared subject to the trust or retransferred by the trustee if it remains in his hand unsold.
IX. Right to follow trust property:
The beneficiary right to follow trust property. when it came into the hands of a third person inconsistently with the trust.
X. Right to have reconverted:
A beneficiary has right to have the property converted into trust property where a trustee wrongfully sells the trust property and afterwards becomes the owner of such property.
XI. Right in blended property:
Where the trustees wrongfully mingles the trust property with his own, the beneficiary is entitled to charge on the whole fund for the amount due to him.
6. Conclusion:
To conclude I can say that; the beneficiary is the person for whose benefit the confidence is accepted. under trust act he is entitled to each and every benefit according from the subject matter of the trust property. the beneficiary is important person because a trust is controlled not only by the instrument of trust and the court, but also by the beneficiaries and norms of equity.
Sec, 3 trust act defines the person for whose benefit the confidence is accepted is called the beneficiary.
4. Who may be beneficiary:
According to Sec, 9 every person capable of holding property may be beneficiary. in other words every person capable of holding property may be a beneficiary. he is not bound to accept the interest under trust.
5. Rights of beneficiary under trusts act:
Following are the rights of a beneficiary under trust act.
I. Right to rent and profit:
The beneficiary, has subject to the provisions off the instrument of the trust, a right to the rents and profit of the trust property.
II. Right to specific execution:
The beneficiary is entitled to have the intention of the author of the trust specifically executed to the extent of the beneficiary,s interest and where there is only one beneficiary and he is competent to contract, or where there are several beneficiaries and they are competent to contract, and all one mind, he or they may require the trustee to transfer the trust property to him or them, or to such person as he or they may direct.
III. Right of inspection:
The beneficiary has a right, as against the trustee and all persons claiming under him with notice of the trust, to inspect and take copies of the instruments of the trust, the document of title relating solely to the trust, property, the accounts of the trust property and the vouchers (if any) by which they are supported, and the cases submitted and opinions taken by the trustee for his guidance in discharging of duty.
He can make inspection of following:
(i) Instrument of trust.
(ii) The documents of title relating solely to the trust property.
(iii) The vouchers
(iv) Cases if any pending in the court of law.
IV. Right to transfer beneficial interest:
The beneficiary if competent to contract, may transfer his interest, but subject to the law for time being enforce as to the circumstances and extent in and to which he may dispose of such interest but this debare married women to transfer or assign her beneficial interest during her marriage.
V. Right to sue for execution of trust:
Where no trustees are appointed or all trustees die, disclaim or are discharged, or where for any other reason the execution of the trust by the trustee is or becomes impracticable the beneficiary may institute a suit for execution of the trust, and the trust shall; so for as may be possible, be executed by the court until the appointment of a trustee or new trustees. VI. VI.Right to proper trustees:
The beneficiary has a right (subject to the provisions of the instrument) that the trust property shall be properly protected and held and administered by proper and by a proper number of a such persons.
Following are not proper trustee:
(a) A person domiciled abroad.
(b) An alien enemy.
(c) A person who has conflicting interest with that of the beneficiary.
(d) An insolvent person.
(e) A minor.
(f) A married woman.
VII. Right to compel to any act of duty:
The beneficiary has a right that his trustee shall be compelled to perform any particular act of his duty as such and restrained from committing any contemplated or probable of.
VIII: Right to proceed against trustee:
Where a trustee has wrongfully brought trust property, the beneficiary has a right to have the property declared subject to the trust or retransferred by the trustee if it remains in his hand unsold.
IX. Right to follow trust property:
The beneficiary right to follow trust property. when it came into the hands of a third person inconsistently with the trust.
X. Right to have reconverted:
A beneficiary has right to have the property converted into trust property where a trustee wrongfully sells the trust property and afterwards becomes the owner of such property.
XI. Right in blended property:
Where the trustees wrongfully mingles the trust property with his own, the beneficiary is entitled to charge on the whole fund for the amount due to him.
6. Conclusion:
To conclude I can say that; the beneficiary is the person for whose benefit the confidence is accepted. under trust act he is entitled to each and every benefit according from the subject matter of the trust property. the beneficiary is important person because a trust is controlled not only by the instrument of trust and the court, but also by the beneficiaries and norms of equity.