Attorney General v Zedra Fiduciary Services (UK) Ltd & Ors [2020] EWHC 2988 (Ch) (09 November 2020)

Attorney General v Zedra Fiduciary Services (UK) Ltd & Ors [2020] EWHC 2988 (Ch) (09 November 2020)

The Deed effected an immediate and unconditional gift to charity; the principal purpose was to benefit the nation by accumulating a fund to discharge the National Debt, with a subsidiary purpose to reduce the National Debt in case of national exigencies. The trust is valid and not subject to a condition precedent or initial impossibility. The court has jurisdiction to make a scheme under its cy-près jurisdiction if the primary purpose cannot be fulfilled.

Citation
[2020] EWHC 2988 (Ch)
Parties
Claimant: H. M. Attorney General; First Defendant: Zedra Fiduciary Services (UK) Limited; Second Defendant: Diana Iona Bruce; Third Defendant: John Damian Nicholas Stidworthy
Jurisdiction
England and Wales
Judgment Date
09 November 2020
Procedural Posture
Trust and Probate / Final Judgment
Outcome
Trust declared valid; not subject to resulting trust.
Legal Topics
Validity of Charitable Trusts, Resulting Trusts, Cy Près Doctrine, Rule Against Perpetuities, Accumulation of Trust Funds
Charity Law Trusts Probate Validity of Charitable Trusts Resulting Trusts Cy Près Doctrine Rule Against Perpetuities Accumulation of Trust Funds

Case Brief

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Parties

H. M. Attorney General

Claimant

Zedra Fiduciary Services (UK) Limited

First Defendant

Diana Iona Bruce

Second Defendant

John Damian Nicholas Stidworthy

Third Defendant

Procedural Posture

Trust and Probate / Final Judgment

Legal Issues

  1. 1 Whether the Deed created a valid charitable trust
  2. 2 Whether the National Fund is held on resulting trusts for the donors or their estates
  3. 3 Whether the court has jurisdiction to alter the trust under its administrative or cy-près jurisdiction

Ratio Decidendi

The Deed effected an immediate and unconditional gift to charity; the principal purpose was to benefit the nation by accumulating a fund to discharge the National Debt, with a subsidiary purpose to reduce the National Debt in case of national exigencies. The trust is valid and not subject to a condition precedent or initial impossibility. The court has jurisdiction to make a scheme under its cy-près jurisdiction if the primary purpose cannot be fulfilled.

Court Disposition

Trust declared valid; not subject to resulting trust.

Orders

  • The National Fund is held on a valid charitable trust.
  • Application of the fund to discharge the National Debt is deferred until practicable.