Meritus Trust Company v Butterfield Trust Ltd [2018] WTLR 545
Wills & Trusts Law Reports | Summer 2018 #172The Plaintiff (Meritus) was removed as the trustee of two trusts and replaced by the Defendant (Butterfield). Meritus applied by Originating Summons for an order that Butterfield transfer immediately all the assets of those trusts (the E Trust and the M Trust). Butterfield asserted, first, that it was entitled to retain sufficient trust assets against which to enforce its indemnity in relation to its contingent cost liability (estimated at $5 million) in relation to a threatened claim in respect of Butterfield’s management of the trust assets; second, that it was entitled to a contra...