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In the matter of the Estate of Hyman Marks the High Court was asked to approve a trustee fee of $5,000 per annum. By way of background as noted at [4]: “The trust fund was established under the Will of the late Hyman Marks, who died on 22 May 1895. Since then, various trustees have … Continue reading
It is common for appointment as a final beneficiary to be considered a higher ranking appointment than a disretionary beneficiary. However, what does it really mean to be a final beneficiary? Fundamentally, this might often be no more than the right to receive all or part of the remaining trust assets (if any) when the … Continue reading
V Trustees Limited (the Trustee) was concerned to protect the position of C who was the beneficiary of a trust much diminished due to the actions of her litigious brother, A, whose conduct had caused substantial losses with “no signs of the attacks abating.” The matter came before the Jersey Royal Court on an application … Continue reading
The on-going proceedings in Singh v Singh relate to the Calvary Indian Assembly of God (Calvary), which has been established as a charitable trust (the Trust) with a board of trustees who hold the Trust’s assets. Separately, Calvary is an incorporated society with a board responsible for the church’s management and organisation. At the relevant … Continue reading
The Privy Council Ashley Dawson-Damer v Grampian Trust Company Ltd relates to an application to set aside appointments of trust assets that have the effect of transferring 98% of the trust assets to trusts whose class of discretionary beneficiaries do not include Ashley Dawson-Damer (Ashley). The basis for the application was the proposition that thee … Continue reading
Bundz v Anderson is a costs decision of Associate Judge Lester. The background of the matter, relates to a claim that was brought pursuant to the High Court’s inherent jurisdiction relating to an error made by one trustee of the LC Craighead Family Trust (the Trust), who mistakenly believed that a property in Timaru (the … Continue reading
Booth and Magniness v Rahal relates to a successful application for the appointment of a receiver to the First Trust (the Trust). The Trust’s original trustee was First Trust Limited (the Company). The background is set out by Gault J at [3] to [9] as follows: [3] On 28 April 2017, the Company was incorporated. … 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
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
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 