Business, Legal & Accounting Glossary
A duty owed by a trustee to the beneficiaries of a trust, one arising out of his office as trustee. An example would be a trustee’s obligation, in the case of a discretionary trust, to distribute income from the trust amongst its beneficiaries. The term ‘virtute officii’ implies that the duty will pass to a new trustee should the current trustee be replaced. In contrast, a ‘personal duty’ is one owed by a named individual. An example would be the duty of a donee, accompanying any conferred power in the nature of a trust, to exercise his power of appointment.
See also trustee, donee, power of appointment, power in the nature of a trust.
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This glossary post was last updated: 5th April, 2020 | 5 Views.