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The Trusts Act 2019 introduced a presumption that trustees will provide basic trust information to every beneficiary and will provide further information on request. Before doing so, trustees must consider the factors set out in section 53 of the Trusts Act. Importantly, there is a procedure in section 54 of the Trusts Act where no … Continue reading
D and E Limited v A, B and C relates to the appeal of the High Court decision in A v D and E. See Breach of parental fiduciary duties. Simply put, the Court of Appeal (by a majority decision) allowed an appeal against the ground breaking decision of Gwyn J holding that a parent … Continue reading
Lendich v Codilla relates to an attempt to claim a beneficial interest in property sold at an undervalue where there was an agreed element of gift. The case also raises the question as to standing of directors and shareholders of a company that has been removed from the register of companies. The issues raised by … Continue reading
The decisions in Reid v Castleton-Reid and Tian v Zhang highlight the importance of recording not only transactions, but also the parties’ expectations. Reid v Castleton-Reid relates to the correct characterisation of a $1.7m trading account. Tian v Zhang relates to whether sums advanced represented a dowry or were held on resulting trust. In both cases the judgment … Continue reading
Families are complicated. Family agreements and arrangements all the more so. Almond v Read highlights the consequences of family arrangements that are not recorded in writing. The background facts are not disputed. Ms Almond purchased land in Drury. Two dwellings were built on the Drury property (the Property), one was occupied by Ms Almond and … Continue reading
Mr Brownsea purchased a property in the names of himself and Ms Malit in the hope that a relationship would eventuate. It did not. Mr Brownsea wanted the title to the property to vest solely in him, Ms Malit would not oblige. There was no relationship in terms of the Property (Relationships) Act 1976 (the … Continue reading
On first glance Almond v Read, appears to have it all. Arguments were made relating to the parties common intention, a constructive trust and breaches of fiduciary duty in the context of family owned land that was acquired with best of intentions. However, over time, different parties adopted different views of the basis upon which a … Continue reading
The development of the constructive trust in New Zealand and the parameters of remedial and institutional constructive trusts (and constructive trusts on express trusts) is an important aspect of trust law. Vicki Ammundsen is presenting a practical remedy driven webinar on 14 September 2018 at 1.30am that considers constructive and other trusts in family, relationship and commercial contexts. … Continue reading
The bare facts of Chang v Lee can be summarised as follows: Ms Lee purchases a property in Sunnynook Mr Chang (Ms Lee’s uncle) advances Ms Lee $275,000 of the $566,000 purchase price The advance was not a gift The terms of the loan advance were incomplete Mr Chang made the advance to Ms Lee on the … Continue reading
Caveats can be useful for preventing property being transferred when it might defeat the caveators real ability to recover a debt owing or the due return on an unregistered property interest. However, to maintain a caveat it is necessary to show not only a debt or interest, but also how this debt or interest is connected to … Continue reading
Matters of Trust 