Trust Law – Page 2 – NBC Institute

BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

Question

Yomi, the son of a school proprietor, often visited his father’s office to spend some hours. Although never given authority to do so, he sometimes assisted in accepting payments from and issued receipts to students, and always handed over the money to the Bursar. However, he failed to account for the payment he received from Kola, a student, whom the school eventually declared as still owing. The school proprietor argued that Yomi had no authority to collect money from students on behalf of the school.

(a) Outline the legal positions of Yomi, Kola, and the school. (5 Marks)

(b) Explain the doctrine of binding precedent and state TWO instances when the Court of Appeal will NOT be bound by its own previous decisions. (4 Marks)

(d) Define (i) Intestacy and (ii) Trust. (2 Marks)

Answer

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Tags: Agency by Estoppel, Intestacy, Judicial Precedent, Trust Law, Vicarious Liability
Level: Level 1

Topic: Agency Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

Question

Any supplementary clause attached or referring to a Will with the object of adding or cancelling or altering the provisions of the Will is a …………………………………….

Answer

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Tags: Codicil, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

Question

The maker of a Will is called ………………………………

Answer

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Tags: Testator, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – May 2013 – L1 – SA – Q16 – Law of Trusts

This question tests the knowledge of how trustees of a property are appointed.

Question

The trustees of a property settled in a Will are appointed by the ___________.

Answer

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Tags: Appointment, Trust Law, Will
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2014 – L1 – SA – Q19 – Law of Trusts

Identifying circumstances under which a will may be revoked.

Question

A will may be revoked by:
A. A Codicil
B. Death of the testator
C. Insanity of the testator
D. Bankruptcy of the testator
E. Accidental destruction

Answer

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Tags: Revocation, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: MAY 2014

BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts

Listing three types of authorized securities under the Trustee Investments Act.

Question

Ade is a Trustee of the Estate of late Konga. Konga’s Will empowered the Trustees of his Estate to invest in securities authorized by the Trustee Investments Act.

You are required to:
State THREE of such authorized securities, without stating the limit of the investment. (6 Marks)

Answer

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Tags: Investment, Trust Law, Trustee Obligations
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2014 – L1 – SB – Q6a – Law of Trusts

Explain two certainties for a valid trust and state four situations where a trustee may be appointed to replace another.

Question

i. For a Trust to be validly created, “three certainties” are essential.
You are required to state and explain any TWO of the certainties.
(6 Marks)

ii. Generally, a trustee may be appointed to replace another trustee named in the instrument setting up the Trust.
Required:
State any FOUR situations in which a trustee may be so appointed.
(4 Marks)

Answer

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Tags: Certainties of a Trust, Trust Law, Trustee Appointment
Level: Level 1

Topic: Law of Trusts

BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

Question

“A Trust is an equitable obligation which imposes upon a person, called a trustee, a duty of dealing with the property of a deceased person over which he has control.”
You are required to explain any FOUR differences between a private trust and a public trust.
(Total 8 Marks)

Answer

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Tags: Private Trust, Public Trust, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2014

BL – Nov 2021 – L1 – SA – Q19 – Law of Trusts

Defining a trust that comes into being from the presumed intention of a settlor.

Question

A trust which comes into being from the presumed intention of a settlor is known as
A. Presumed trust
B. Private trust
C. Express trust
D. Implied trust
E. Constructive trust

Answer

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Tags: Implied Trust, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: NOV 2021

BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

Question

Under the Trustee Investment Act, in which of the following could a trustee invest trust funds?

A. General merchandise
B. Government treasury bills
C. Import and export
D. Haulage and transport business
E. Wholesale and retail trade

Answer

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Tags: Investment, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2022

BL – May 2021 – L1 – SB – Q6b – Law of Trusts

Explain the law on creating a trust and state the essentials of a trust for Esero's proposed trust.

Question

Esero, who lives in Maiduguri with his family, has three children in a high school. He intends to create a trust on his housing estate towards financing the education of his children up to postgraduate level. He has come to you for advice.

Required:
i. Explain the law on the mode of creating the trust. (4 Marks)
ii. State the THREE essentials of the proposed trust. (3 Marks)

Answer

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Tags: Beneficiaries, Trust Creation, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: MAY 2021

BL – May 2017 – L1 – SB – Q6b – Law of Trusts

Discusses two methods of creating a private trust under trust law.

Question

A private trust is classified into three broad categories.

Required:
Explain briefly two ways of creating a private trust.

Answer

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Tags: Creation of Trusts, Private Trusts, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: MAY 2017

BL – May 2017 – L1 – SA – Q19 – Law of Trusts

Identifies which purpose is not a valid objective for a charitable trust.

Question

The purposes of a charitable trust include
A. Advancement of education
B. Governance of private institutions
C. Public acceptance
D. Protection of Soliloquy
E. Security of tenure

Answer

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Tags: Charitable Trust, Legal Purposes, Nonprofit Organizations, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q5b – Law of Trusts

Explains the rights of a beneficiary in a trust under trust law.

Question

Trust is created for the benefit of named beneficiaries or objects.

Required:
Explain briefly THREE rights of a beneficiary of a trust. (6 Marks)

Answer

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Tags: Beneficiary Rights, Legal Rights, Trust Law, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAR/JULY 2020

Question Tag: Trust Law

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BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

BL – May 2013 – L1 – SA – Q16 – Law of Trusts

This question tests the knowledge of how trustees of a property are appointed.

BL – May 2014 – L1 – SA – Q19 – Law of Trusts

Identifying circumstances under which a will may be revoked.

BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts

Listing three types of authorized securities under the Trustee Investments Act.

BL – Nov 2014 – L1 – SB – Q6a – Law of Trusts

Explain two certainties for a valid trust and state four situations where a trustee may be appointed to replace another.

BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

BL – Nov 2021 – L1 – SA – Q19 – Law of Trusts

Defining a trust that comes into being from the presumed intention of a settlor.

BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

BL – May 2021 – L1 – SB – Q6b – Law of Trusts

Explain the law on creating a trust and state the essentials of a trust for Esero's proposed trust.

BL – May 2017 – L1 – SB – Q6b – Law of Trusts

Discusses two methods of creating a private trust under trust law.

BL – May 2017 – L1 – SA – Q19 – Law of Trusts

Identifies which purpose is not a valid objective for a charitable trust.

BL – March July 2020 – L1 – SB – Q5b – Law of Trusts

Explains the rights of a beneficiary in a trust under trust law.

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BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q1 – Agency Law"

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts"

BL – May 2013 – L1 – SA – Q16 – Law of Trusts

This question tests the knowledge of how trustees of a property are appointed.

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BL – May 2014 – L1 – SA – Q19 – Law of Trusts

Identifying circumstances under which a will may be revoked.

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BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts

Listing three types of authorized securities under the Trustee Investments Act.

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BL – Nov 2014 – L1 – SB – Q6a – Law of Trusts

Explain two certainties for a valid trust and state four situations where a trustee may be appointed to replace another.

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BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

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BL – Nov 2021 – L1 – SA – Q19 – Law of Trusts

Defining a trust that comes into being from the presumed intention of a settlor.

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BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

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BL – May 2021 – L1 – SB – Q6b – Law of Trusts

Explain the law on creating a trust and state the essentials of a trust for Esero's proposed trust.

You're reporting an error for "BL – May 2021 – L1 – SB – Q6b – Law of Trusts"

BL – May 2017 – L1 – SB – Q6b – Law of Trusts

Discusses two methods of creating a private trust under trust law.

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BL – May 2017 – L1 – SA – Q19 – Law of Trusts

Identifies which purpose is not a valid objective for a charitable trust.

You're reporting an error for "BL – May 2017 – L1 – SA – Q19 – Law of Trusts"

BL – March July 2020 – L1 – SB – Q5b – Law of Trusts

Explains the rights of a beneficiary in a trust under trust law.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q5b – Law of Trusts"

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