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Limitation of liability clauses

Trustees contract personally.  This means that unless the trustee’s liability is limited by agreement, a trustee is, in most circumstances, personally liable for any losses that arise.  This is the case whether or not the trustee can benefit from the trust. “… if the trustees meant to limit their liability, it was for them to … Continue reading

Does a resolution require a meeting?

The terms minutes and resolutions are used interchangeably in the context of trusts.  Minutes and resolutions are used to record trustee decisions.  Whether these terms are in fact interchangeable and if there might be implications arising from the use of one or the other is not clear.  The major texts consulted are silent on the … Continue reading