Law of Trusts – NBC Institute

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

A written document by which a person called the Testator signifies his/her wishes on the distribution of his/her estate after his/her death is called:
A. Assignment
B. Will
C. Mortgage
D. Lease
E. Devolution

Answer

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Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

Question

State any TWO certainties required for the creation of a valid trust.

Answer

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Tags: Certainties, Law of Trusts, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

Question

What is the minimum number of persons who must attest a will as witness(es)?

Answer

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Tags: Attestation, Wills, Witnesses
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

Question

Dr. Aminu recently transferred the sum of US$11,000 to his account in Business Bank Plc, Lagos, from his bank in the United States. He also informed his stockbroker of his intention to transfer his shares in some Nigerian companies listed on the New York Stock Exchange to his C.S.C.S. account with the stockbroker in Nigeria. The shares are valued at US$20,000.

You are required to:

Explain the reporting duty of Business Bank Plc and the stockbroker.

Answer

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Tags: Bank Transfers, Cross-Border Transactions, Nigerian Law, Reporting Duty
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

Question

Biodun and Johanna are twins of twenty-one years of age. By the Will of their deceased father that came into effect ten years ago, the trustees were directed to invest a sum of N5 million and apply the income to the education of Biodun and Johanna. These beneficiaries have directed that the trustees pay the N5 million over to them.

You are required to:

Explain the duty of the trustees in relation to the directive of Biodun and Johanna.

Answer

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Tags: Disbursement, Trust Funds, Trustees
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

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 2013 – L1 – SA – Q20 – Law of Trusts

This question tests knowledge of which entities cannot be declared bankrupt.

Question

Which of the following CANNOT be made a bankrupt?

A. A company
B. A Nigerian
C. A partnership
D. A foreigner who lives in Nigeria
E. A foreigner who has a place of business in Nigeria

Answer

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Tags: Bankruptcy, Insolvency, Legal Status
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2014 – L1 – SA – Q20 – Law of Trusts

Identifying the term for a person holding legal title to property for another.

Question

A person who holds the legal title to a property for the benefit of another is a ____________.

Answer

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Tags: Beneficiary, Legal Title, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2014

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 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

Question

State any TWO certainties required for the creation of a valid trust.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Certainties, Law of Trusts, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

Question

What is the minimum number of persons who must attest a will as witness(es)?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Attestation, Wills, Witnesses
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

Question

You are required to:

Explain the reporting duty of Business Bank Plc and the stockbroker.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Transfers, Cross-Border Transactions, Nigerian Law, Reporting Duty
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

Question

You are required to:

Explain the duty of the trustees in relation to the directive of Biodun and Johanna.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Disbursement, Trust Funds, Trustees
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

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

Find Related Questions by Tags, levels, etc.

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

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SA – Q20 – Law of Trusts

This question tests knowledge of which entities cannot be declared bankrupt.

Question

Which of the following CANNOT be made a bankrupt?

A. A company
B. A Nigerian
C. A partnership
D. A foreigner who lives in Nigeria
E. A foreigner who has a place of business in Nigeria

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Insolvency, Legal Status
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2014 – L1 – SA – Q20 – Law of Trusts

Identifying the term for a person holding legal title to property for another.

Question

A person who holds the legal title to a property for the benefit of another is a ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Beneficiary, Legal Title, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2014

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Topic: Law of Trusts
Series: NOV 2013

Topic: Law of Trusts

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BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts"

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6C – Law of Trusts"

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6B – 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.

You're reporting an error for "BL – May 2013 – L1 – SA – Q16 – Law of Trusts"

BL – May 2013 – L1 – SA – Q20 – Law of Trusts

This question tests knowledge of which entities cannot be declared bankrupt.

You're reporting an error for "BL – May 2013 – L1 – SA – Q20 – Law of Trusts"

BL – May 2014 – L1 – SA – Q20 – Law of Trusts

Identifying the term for a person holding legal title to property for another.

You're reporting an error for "BL – May 2014 – L1 – SA – Q20 – Law of Trusts"

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

Identifying circumstances under which a will may be revoked.

You're reporting an error for "BL – May 2014 – L1 – SA – Q19 – Law of Trusts"

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

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

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts"

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts"

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6C – Law of Trusts"

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6B – 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.

You're reporting an error for "BL – May 2013 – L1 – SA – Q16 – Law of Trusts"

BL – May 2013 – L1 – SA – Q20 – Law of Trusts

This question tests knowledge of which entities cannot be declared bankrupt.

You're reporting an error for "BL – May 2013 – L1 – SA – Q20 – Law of Trusts"

BL – May 2014 – L1 – SA – Q20 – Law of Trusts

Identifying the term for a person holding legal title to property for another.

You're reporting an error for "BL – May 2014 – L1 – SA – Q20 – Law of Trusts"

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

Identifying circumstances under which a will may be revoked.

You're reporting an error for "BL – May 2014 – L1 – SA – Q19 – Law of Trusts"

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

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

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts"

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