Asked by Charlene Wright on Jun 08, 2024
Verified
A third party who has a claim against a trust must file his claim against the:
A) settlor.
B) trustee.
C) executor.
D) beneficiaries.
Trust Claim
A legal claim asserting that property or assets should be held and managed by one party for the benefit of another.
Trustee
An individual or entity given control or powers of administration of property in trust with a legal obligation to manage that property solely for the benefit of the party who has designated the trust.
- Distinguish between different kinds of trusts and their uses, including express, spendthrift, and resulting trusts.
Verified Answer
TM
Thivaan MuniandyJun 10, 2024
Final Answer :
B
Explanation :
The trustee can also have liability to third persons who are injured by the operation of the trust.Because a trust is not in itself a legal entity that can be sued,a third party who has a claim (such as a tort claim or a claim for breach of contract)must file his claim against the trustee of the trust.
Learning Objectives
- Distinguish between different kinds of trusts and their uses, including express, spendthrift, and resulting trusts.