Is there ANY way for the owner of a trust,claiming “poor”,that owes money,to be sued? Or to otherwise access money avail thru the trust? Or is it pretty well “fail proof”?
Hi Misty
Sorry, I can’t really understand your questions fully, but…
A trust is not a legal entity, so cannot be sued. It is the trustee that is the one that can be sued. Maybe even directors of the trustee company can be sued too, if they have made bad decisions.
If the trust property is used as security, and payments aren’t made then the property can be taken by the mortgagor.
If the trustee or director of the trustee company gives a personal guarrantee for loans or rent etc, then they will be personally liable and their non trust assets will be at risk. etc
ps. I am not a lawyer.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
