Page & Ors v West & Ors

Page & Ors v West & Ors

Trustees are empowered to borrow and mortgage the Land to pay arrears to income beneficiaries; interest on such borrowing is to be debited primarily to income account, with one-tenth to capital account; the veto on sale held by Geoffrey or Rosemary is removed, except that sale must be for full market value without overage unless they consent.

Parties
Claimant: Christopher John Page; Claimant: Nigel Morton; Defendant: Geoffrey West; Defendant: Rosemary West; Defendant: Paul West; Defendant: Judith Bunting; Defendant: Denise West; Defendant: Matthew James West; Defendant: Fiona Kate West; Defendant: Lucy Frances Bunting; Defendant: Philippa Jane Bunting
Jurisdiction
England and Wales
Judgment Date
12 March 2010
Procedural Posture
Trust Dispute / Chancery / Judgment on Trustees' Application for Directions and Powers
Outcome
Application granted in material respects
Legal Topics
Trustee Powers, Veto Removal, Mortgage of Trust Property, Incidence of Interest Payments, Beneficiary Rights
Trusts Property Law Equity Trustee Powers Veto Removal Mortgage of Trust Property Incidence of Interest Payments Beneficiary Rights

Case Brief

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Parties

Christopher John Page

Claimant

Nigel Morton

Claimant

Geoffrey West

Defendant

Rosemary West

Defendant

Paul West

Defendant

Judith Bunting

Defendant

Denise West

Defendant

Matthew James West

Defendant

Fiona Kate West

Defendant

Lucy Frances Bunting

Defendant

Philippa Jane Bunting

Defendant

Procedural Posture

Trust Dispute / Chancery / Judgment on Trustees' Application for Directions and Powers

Legal Issues

  1. 1 Whether trustees should be empowered to borrow and mortgage trust land to pay arrears owed to income beneficiaries
  2. 2 Whether interest on such borrowing should be charged to income or capital account
  3. 3 Whether the veto on sale held by Geoffrey or Rosemary should be removed

Ratio Decidendi

Trustees are empowered to borrow and mortgage the Land to pay arrears to income beneficiaries; interest on such borrowing is to be debited primarily to income account, with one-tenth to capital account; the veto on sale held by Geoffrey or Rosemary is removed, except that sale must be for full market value without overage unless they consent.

Court Disposition

Application granted in material respects

Orders

  • Trustees empowered to borrow and mortgage the Land for the purpose of paying arrears to income beneficiaries and future capital expenditure.
  • Interest on such borrowing to be debited to income account, with one-tenth to capital account.