Rights and responsibilities of the trustee

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In the absence of such a clause in the contract, these three months, during which the contractor will continue to conduct its dishonest activities, can significantly reduce the profit of the beneficiary and even deprive the owner of his asset. In addition, it is illogical and inappropriate to pay a bonus to a manager who neglects his duties, deceives the founder or damages his property.

The further fate of the property transferred to the trust must also be clearly spelled out. As a rule, it simply returns to the owner, but the parties can also agree on something else: for example, on the sale or gratuitous transfer of the property to third parties or the manager, or on its division between all parties to the agreement. The indonesia business email list sale of property requires the execution of a separate agreement.

From the moment the agreement is signed, the manager has the right to trust management of the property.

His role in the process of trust management is key - he, as it were, replaces the real owner of the property and takes on his functions, and carries out management strictly in accordance with the agreement. Of great importance are those points of the agreement that reflect the duties, rights and responsibilities of the manager.

Property rights are part of the property transferred to the trust, and the contractor is obliged to protect this property. He can use the entire set of tools to protect the property, as if he himself were its original owner. This includes:

taking property from those who have taken possession of it illegally;

demand for the return of property in the event that a bona fide buyer has fallen for the bait of fraudsters who do not have the right to sell the property;

demanding that one's rights be respected and that all violations in this area be eliminated (including violations not related to deprivation of possession);

protection of property even from its owner.

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Any operations with the assets of the trustor are under the personal control of the manager. However, if permitted by the agreement or the written consent of the principal, the manager may delegate some of his functions to a third party (but the manager himself will still be responsible for all his actions).

According to the laws of the Russian Federation, the responsibility of the trustee consists of:

Compensation for losses to the owner and lost profits to the beneficiary, if the property entrusted to the manager has suffered due to insufficient care on his part (including natural wear and tear, loss, damage to property and expenses incurred as a result) . The manager can prove in court that the cause of the losses was force majeure or the actions of the owner (beneficiary) himself, and then he will not have to compensate for lost profits.