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Translation please,,,
rosieglo
Posts: 8 Forumite
We are in the position of defending a claim on my late stepfathers estate...with reference to the Limitations Act section 21 (see below for full para).. Can anyone advise what the reference to 'limited to the excess over his proper share' means in practice ? Could costs and interest be awarded if it reaches court and the claimants succeed or is it really just the excess despite the claim being years old? Thanks
[FONT="](2)Where a trustee who is also a beneficiary under the trust receives or retains trust property or its proceeds as his share on a distribution of trust property under the trust, his liability in any action brought by virtue of subsection (1)(b) above to recover that property or its proceeds after the expiration of the period of limitation prescribed by this Act for bringing an action to recover trust property shall be limited to the excess over his proper share.[/FONT]
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[FONT="](2)Where a trustee who is also a beneficiary under the trust receives or retains trust property or its proceeds as his share on a distribution of trust property under the trust, his liability in any action brought by virtue of subsection (1)(b) above to recover that property or its proceeds after the expiration of the period of limitation prescribed by this Act for bringing an action to recover trust property shall be limited to the excess over his proper share.[/FONT]
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Comments
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Far more information needed to offer help. What does your solicitor say?We are in the position of defending a claim on my late stepfathers estate...with reference to the Limitations Act section 21 (see below for full para).. Can anyone advise what the reference to 'limited to the excess over his proper share' means in practice ? Could costs and interest be awarded if it reaches court and the claimants succeed or is it really just the excess despite the claim being years old? Thanks
[FONT="](2)Where a trustee who is also a beneficiary under the trust receives or retains trust property or its proceeds as his share on a distribution of trust property under the trust, his liability in any action brought by virtue of subsection (1)(b) above to recover that property or its proceeds after the expiration of the period of limitation prescribed by this Act for bringing an action to recover trust property shall be limited to the excess over his proper share.[/FONT]
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