| | Board Certified Financial Analyst AMERICAN ACADEMY OF FINANCIAL MANAGEMENT Charter & Consultant Chartered & How to ... (Site not responding. Last check: 2007-10-26) |
 | | The general rule in English common law is that unless the trust is established for an ascertainable beneficiary, that is, a person(s) who may enforce rights under the trust, it may not be for a purpose save a legally recognized charitable purpose. |
 | | For instance, while it is certainly true that the right of the beneficiary against the trustee may be one in personam, it is equally true that where the res has been wrongfully disposed of or dissipated, the beneficiary has a proprietary right in respect of the trust res. |
 | | Therefore if the trustee wrongfully conveys or gifts the trust property the action is normally against the trustee, however, trust property in the hands of a donee may normally be set aside and the proceeds of a conveyance in the hands of the breaching trustee may be traced. |
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