There are several ways in which the court may hold that delegates or agents owe duties directly to the unitholders.

In the first place, a custodian having the title of the unit trust property registered in its name is a trustee in equity. If it does not have any power to deal with the property or any other responsibility, it will be a bare trusteeof the property obliged to deal with it as the trustee or the manager may direct. Read the rest of this entry »