Brown v New Quadrant Trust Corporation Ltd & Anor [2021] EWHC 1731 (Ch) (28 June 2021)

Brown v New Quadrant Trust Corporation Ltd & Anor [2021] EWHC 1731 (Ch) (28 June 2021)

The trustee's decision to sell the LHS shares was one that reasonable, prudent trustees could properly reach, taking into account all relevant considerations and specialist advice as appropriate; no serious issue to be tried as to breach of trust or negligence.

Citation
[2021] EWHC 1731 (Ch)
Parties
Claimant: Mark Alan Brown; First Defendant: New Quadrant Trust Corporation Limited; Second Defendant: Arlene Elizabeth Brown
Jurisdiction
England and Wales
Judgment Date
28 June 2021
Procedural Posture
Chancery, Trusts / Interlocutory Hearing on Injunction and Trustee Approval Applications
Outcome
Claimant's application for injunction refused; trustee's application for approval granted.
Legal Topics
Trustee Powers, Injunction, Breach of Trust, Trustee Removal, Investment Decisions, Court Approval of Trustee Actions
Trusts Equity Property Trustee Powers Injunction Breach of Trust Trustee Removal Investment Decisions +1 more

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Parties

Mark Alan Brown

Claimant

New Quadrant Trust Corporation Limited

First Defendant

Arlene Elizabeth Brown

Second Defendant

Procedural Posture

Chancery, Trusts / Interlocutory Hearing on Injunction and Trustee Approval Applications

Legal Issues

  1. 1 Whether trustee's decision to sell shares in Lifetime Home Securities Limited is proper
  2. 2 Whether injunction restraining sale should be granted
  3. 3 Whether trustee's decision should be approved by the court

Ratio Decidendi

The trustee's decision to sell the LHS shares was one that reasonable, prudent trustees could properly reach, taking into account all relevant considerations and specialist advice as appropriate; no serious issue to be tried as to breach of trust or negligence.

Court Disposition

Claimant's application for injunction refused; trustee's application for approval granted.

Orders

  • Trustee's decision to sell LHS shares for the best price reasonably obtainable is approved.
  • Undertaking not to sell LHS shares discharged.