Term
|
Definition
| A fiduciary relationship wherein one or more trustees are called upon to manage, protect and invest property and income generated benefits one or more beneficiaries. |
|
|
Term
|
Definition
1) state charitable purpose
2) benefit community at large or class of persons |
|
|
Term
|
Definition
| Trustee can prevent termination by showing unfulfilled material purpose |
|
|
Term
| Who gets interest and principal |
|
Definition
| Life beneficiaries and remaindermen |
|
|
Term
|
Definition
1) Duty of loyalty
2) Duty of good faith
3) Duty of prudence
4) Duty to inform
5) Duty to account |
|
|
