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Re The Trustee Company, EF and GH is an anonymised decision of the High Court improving a variation to extend the vesting date for two trusts that will otherwise vest this year. The variation sought will also modernise the terms of the two trusts. As set out at [11] “… AB and CD have spent … Continue reading
Scott v Chamley relates to an application for the removal of trustees and the appointment of replacement trustees. In this case it was not disputed that the former trustees should be removed and replaced. The question for the Court related to the new trustee or trustees to be appointed. The key points can be summarised … Continue reading
The Tawhiri Trust Board relates to an application by the trust board of a charitable trust for permission to sell trust property to another charitable trust that is better placed to maintain the trust property, which is a classic yacht. By way of background as noted at [3] to [8]: The purposes of the HWB … Continue reading
In Naaman v Jaken Properties Australia Pty Limited, the High Court of Australia considers “whether a successor trustee owes a fiduciary obligation to a former trustee in respect of the former trustee’s entitlement to indemnification out of trust assets or the commensurate beneficial interest in the trust assets that the former trustee retains following replacement … Continue reading
Since 1940, to the extent a charity’s charitable purposes are carried out in New Zealand, income derived from charitable business activities has been tax exempt. Many of New Zealand’s 29,000 registered raise funds through business activities. These activities vary in size and scope. Where tax-exempt business activities directly relate to charitable purposes, such as a … Continue reading
Churchman J’s decision in Lane v Li, which runs to 239 paragraphs over 46 pages, relates to allegations that the deceased did not have testamentary capacity when a will was made together with an allegation of undue influence. As noted at [31]: [31] The Court is also in the unusual situation of having available to … Continue reading
Refrigerant Recovery NZ Limited v the Trust for the Destruction of Synthetic Refrigerants relates to a Beddoe order application. The substantive claim challenges the validity of a trust restructure and decisions made by the former trustee’s directors to implement the restructure. The restructure was brought about to address reforms to the product stewardship schemes (one … Continue reading
Testamentary trusts arise in many circumstances and for many reasons. In Castle Trustees Limited the deceased provided for the residue of his estate to provide income for his children throughout their lives with a 1/4 share of the total residuary estate being distributed in equal shares to the grandchildren following the death of each child. … Continue reading
Settling relationship property matters where this is a trust or trusts in the mix can be problematic where the record of agreement may not correctly reflect trust owned assets. In Willis v Willis, Duffy J was of the view that an agreement that purported to be made under s 21A of the Act could not … Continue reading
This appeal to the Supreme Court addresses what rights or powers s in a family trust can properly be treated as “property” rights or interests falling within the ambit of the Property (Relationships) Act 1976 (the PRA). For the background see Weakly Fiduciary. The appeal was denied, the reasons for which are summarised at [125] … Continue reading
Matters of Trust 