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Indmenity

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Protecting the trustee’s position on the changing of the guard

The decision in Meritus Trust Company Limited v Butterfield Trust, a decision of the Supreme Court of Bermuda, considers the practical matter of whether a removed trustee can retain sufficient trust assets against which to enforce its indemnity in relation to a contingent costs liability.  In this case the contingent costs liability was estimated at $5 million and … Continue reading