Trustees v Capmark Bank reminds us that trustees can be personally liable to third parties, as Marilyn McKeever discusses Trustees who enter into commercial agreements with third parties are personally liable on those contracts and they must be careful to protect their own position. The case of Trustees v Capmark Bank [2012] is a salutary …
Continue reading "Trustees: Taking it personally"
This post is only available to members.
Scott has valuable lessons about the removal of trustees, as Ashley Crossley and Imogen Buchan-Smith explain In the judge’s provisional view, an independent professional trustee should be appointed as an additional trustee to ensure that decisions would be taken in the interests of the beneficiaries as a whole. The case is both a reminder of …
Continue reading "Trustees: Anticipating family fallout"
This post is only available to members.
Page v West [2010] elucidates the circumstances in which trustees should seek guidance from the court, as Olivia Knowles and Lynne Gregory explain Mr Justice Vos commented that it was unreasonable to expect trustees to seek planning permission in the current economic climate without the support of the majority of the beneficiaries.The application before the …
Continue reading "Trustees: Doing the right thing"
This post is only available to members.
Emily Campbell looks at recent cases that help to define the role of trustees in litigation ‘There are two main types of claim in litigation concerning a trust: ‘external’ disputes and ‘internal’ disputes. A typical example of an external dispute is a negligence claim by trustees against the trust accountants. A typical example of an …
Continue reading "Trustees: An emerging pragmatism"
This post is only available to members.
Katy Shayle considers the EU Savings Directive from a trustee’s perspective ‘The application of the Directive to trustees will depend upon whether there is an absolute entitlement to income arising under a trust, as an individual must be the beneficial owner of the income to be within scope Towards the end of the 1990s, the …
Continue reading "Trustees: Information exchange"
This post is only available to members.
Judith Morris compares the approach of the Jersey court in Re BB, A and C with that of the English court in Jasmine Trustees Ltd v Wells Hind ‘Persons who have not been properly appointed as trustees, if they have acted in good faith, believing themselves to be duly appointed, are entitled to indemnity in …
Continue reading "Trustees: When is a trustee not a trustee?"
This post is only available to members.
Wills & Trusts Law Reports | December 2011 #115The claimants were trustees of a Jersey property unit trust formed on 17 March 2006 as the vehicle for the purchase of warehouse premises (the property). It was arranged that the vendor of the property would transfer the property to the trustees in return for units, which would then be sold by the vendor to the purchasers. The purchasers were Cantabria Investments Limited (Cantabria) as to 99% of the units and Catalunya Investments Limited (a wholly owned subsidiary of Cantabria) as to 1%. Cantabria was partly owned by Glenmac Limited (Glenmac). Half of Glenmac’s share capital was ...
Wills & Trusts Law Reports | December 2011 #115The appellant trustees sought permission to appeal from a costs order. An application had been issued in December 2006 pursuant to which the trustees sought sanction to pursue claims for (inter alia) breach of trust. Three related beneficiaries (Lorna, Fiona and Marcus) resisted the application as defendants, save in respect of a negligence claim against solicitors. In July 2008, Lindsay J declined to sanction any of the claims (save for the negligence claim) and made clear that the trustees had acted in an inappropriately partisan way. Directions were given for a costs hearing,...
The consultation on ss31 and 32 of the Trustee Act 1925 introduces positive changes, finds Laurence Morgan ‘To draw a dividing line between statutory trusts on intestacy, on the one hand, and trusts established by will or in the settlor’s lifetime on the other, could create confusion and a potential trap for trustees and professional …
Continue reading "Trustees: Sensible streamlining"
This post is only available to members.
