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Geneva Trust Company v Tchenguiz is one of many judgments of the Jersey Royal Court that relate to the Tchenguiz Trusts. In this case the Geneva Trust Company (Geneva) sought reimbursement of costs it incurred defending proceedings brought against it in the English High Court. A brief history of the matter is set out in the … Continue reading
Where a trustee wishes to retire, the first inquiry as to how to do so, must be to the terms of the trust. If the trust instrument is silent, then the provisions of the Trustee Act 1956 will prevail. However, what might the position be if the trust instrument provides for retirement, but does not … Continue reading
In the Matter of the Zoanz Trust provides a practical solution where the settlor trustees no longer wish to participate in day-to-day trust administration. As noted at [11]: “The property requires remedial works due to weathertightness issues and the body corporate has issued levies to the Trust. Approximately $250,000 is outstanding. It is necessary for the … Continue reading
The Supreme Court decision granting leave to appeal the Court of Appeal decision regarding the disclosure of legal opinions and advice obtained by the trustees in Addleman v Lambie Trustee Limited (see Rights in information prevail) raises the thorny question, regarding how advice belongs to, or must be disclosed to, when legal advice is sought … Continue reading
New Zealand Herald data journalist Keith Ng estimates that 325,000 New Zealand properties have trusts involved in their ownership structure. See In properties we trust – it’s the Kiwi way by Anne Gibson (New Zealand Herald 18 January 2020). However, what the true number is cannot be definitively determined as s 153 of the … Continue reading
In Carson v Lane Thomas J explores the moral duty owed by a father to his estranged adult children balanced against the father’s wishes that his windfall wealth be utilised in the furtherance of research and development of the Galloway breed of cattle. His final will, which was made in the face of strong legal … Continue reading
The background of this matter is set out at [1], [2], [3] and [4] of the High Court judgment as follows: [1] The plaintiff, Camray Farms Ltd (Camray), and the second defendant, the Gordon Moore Trust (GMT), each claim priority to the proceeds of sale of properties in Ohaupo known as the Neighbouring Property and … Continue reading
On 11 December 2019, Vicki Ammundsen is presenting a webinar Trust Series 2019 – Current Trust Issues. This webinar will provide an up to date consideration of the issues facing trustees and their advisers in a rapidly changing trust landscape. The webinar will be complimented with materials that expand on the matters discussed. HIGHLIGHTS This … Continue reading
A Benjamin order is an order made by the court for the distribution of assets on death when it is uncertain whether or not a beneficiary is alive. The order authorises the personal representatives of the deceased to distribute the property on the basis that the beneficiary is dead (or on some other basis). … Continue reading
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, …” Thus commenced Charles Dickens’ novel A Tale of Two Cities, and similarly the mindset of any settlor of … Continue reading
Matters of Trust 