Wills & Trusts Law Reports | Spring 2023 #190The Privy Council determined appeals from the Jersey Court of Appeal (the Jersey appeal) and from the Guernsey Court of Appeal (the Guernsey appeal) concerning the rights of indemnity of successive trustees against the assets of trusts governed by Jersey law, whose assets were insufficient to meet in full the liabilities incurred by their trustees.
The Jersey appeal
The original sole trustee of two Jersey trusts settled by the late Madam Intisar Nouri was Equity Trust (Jersey) Ltd (Equity Trust). Equity Trust was later replaced as sole trustee by Volaw Corporate Trustee L...
Adam Carvalho and Joseph de Lacey examine the priority of trustee indemnities ‘The original trustee argued that a pari passu approach was wrong in law, and that its claim had priority over the other creditors of the Z II Trust.’ Readers will of course know that trustees have a right to be indemnified for costs …
Continue reading "Trustees: First in time, first in line?"
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