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The recent decision in Selkirk v McIntyre raises the largely unappreciated issue regarding the extent to which a trustee can make recovery from a co-trustee on account of liability that has been incurred by the trustee. The case also addresses (once and for all might be an optimistic assessment) whether the fact that a co-trustee … Continue reading
I reviewed a couple of trust deeds today. Nothing unusual, it’s what I do. For the record when reviewing a deed of trust I start of with my trust review check list and I finish off with a summation of what I feel. While the check list elements are helpful in highlighting drafting errors and shaping my … Continue reading
Vanity Fair is an unlikely source of interest for people whose minds turn more often to trusts than trust fund babes. However, a line in Vanity Fair’s recent interview with Ned Lambton, the seventh Earl of Durham, after whose ancestor Wellington’s Lambton Quay was named (the first New Zealand connection), warrants further consideration. Discussing his … Continue reading
This week’s High Court costs decision in Black v Giltech Precision Castings makes sobering reading for trustees. The judgment follows a substantive decison finding against Mr Black and the trustees of of a trust settled by Mr Black. The independent trustee resigned just prior to the matter being heard. However, when costs were considered, this did little … Continue reading
The Court of Appeal has overturned the High Court decision of Commissioner of Inland Revenue v Newmarket Trustees Limited. Ed note: Newmarket Trustees Limited was placed into liquidation on 12 October 2012. Newmarket Trustees is a corporate trustee that acts for a number of trusts. Newmarket Trustees is insolvent due to unmet tax liabilities in … Continue reading
The recent decision in SW Trust Limited v Grandad’s Limited highlights, yet again, the number of corporate trustees operated by professionals that accept multiple trustee appointments but that do not appear to wish to be in the trustee business. In the judgment it is noted that: “First, the applicant is a corporate trustee. It was … Continue reading
It is common practice for professional trustees to act as the director of a trustee company rather than personally. The use of a corporate trustee can limit the liability that the professional adviser might otherwise incurred had the adviser acted personally (see McNulty v McNulty where the beneficiaries claim against the director of a corporate trustee was … Continue reading
Matters of Trust 