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Cooke v Butler, which relates amongst other things to a dispute regarding whether the sum of $100,000 paid to a beneficiary was a loan, considers the issues of common interest privilege and the practical parameters of disclosure and discovery in the context of litigation between trustees and a beneficiary. As stated at [15]: Associate Judge … Continue reading
The Judicial Committee of the UK Privy Council (the Privy Council) has ruled four to three in Equity Trust (Jersey) v Halab and ITG v Fort Trustees (Guernsey that there is no chronological priority for trustees where there is insolvency. Rather the approach taken is one of pari passu: that is, trust assets should be … Continue reading
Nadan v Sharma relates to an application for the removal of trustees and the appointment of an independent corporate trustee in circumstances where the trustees’ marriage has ended and the trustees are deadlocked. Of note is that prior to the application for removal was made following two arbitral awards in respect of the jointly settled … Continue reading
The background to FFP Trustee (NZ) Limited v Peng is complicated. There are two applications before the courts, on relating to a restructuring proposal and the other relating to forfeiture of certain trust assets and directions regarding service. By way of background: TFFP sought leave to commence the current application by way of originating application. … Continue reading
The background to Turvey v Vance relates to diametrically opposed intra-family division with respect to the FB Turvey Family Trust and the P Turvey Family Trust (the Trusts). The Trusts were mirror trusts and as such the settlor of each of the trusts was not able to benefit from the trust that person settled. In … Continue reading
The trustees of The Elizabeth Ann Bensaude Family Trust (NO. 2) Trust (the Bensaude Trust) wish to resettle the assets of that trust onto a new trust, the JJ Family Trust. The settlor of the Bensaude Trust was Elizabeth Bensaude’s mother. Elizabeth Bensaude was the settlor of the JJ Family Trust. The Bensaude Trust is … Continue reading
A final beneficiary has a contingent proprietary right, the value of which (if any) can only be determined on the final vesting date. While such a right can be treated as simply a right to receive trust assets on a final vesting, the status of having such a right can elevate the position of a … Continue reading
The Supreme Court has declined leave to appeal the Court of Appeal decision in Kain v Public Trust. The proposed grounds of appeal were that the Court of Appeal erred in: The Court of Appeal’s views regarding trustees being able to take subsequent memoranda of wishes into account was upheld by the Supreme Court, although … Continue reading
Family trusts can raise complex considerations and perhaps none moreso than those relating to the changing of the guard as the intergenerational control aspect of family trusts is brought to bear. A contemporary consideration of these matters has been played out on the Triezenberg v Mason chronicles. The most recent iteration is the unsuccessful appeal … Continue reading
The decision in Re Tauranga Energy Consumer Trust may on first blush appear esoteric and outside the mainstream. However, the decision warrants careful reading as it is one of the few cases to date to consider default duties imposed by the Trusts Act 2019 in a practical construct. The case relates to a proposed restructure … Continue reading
Matters of Trust 