First National Trustco (UK) Ltd & Anor v Page & Ors

First National Trustco (UK) Ltd & Anor v Page & Ors

The Claimants are not entitled to indemnity for Spanish Taxes under clause 14 of the Deed of Trust, as the clause only covers liabilities incurred by FNTC, not BBCB. There is no right of indemnity under statute, common law, or equity, as the Apartments are not trust property under the Deed of Trust, nor is there a constructive trust or estoppel. The claim for knowing receipt fails as BBL SL took good title under Spanish law, and there was no breach of trust. FNTC is entitled to recover reasonable remuneration and expenses for trustee services up to the point the Apartments were sold, but not for subsequent years or for companies not holding Apartments.

Parties
Claimant: First National Trustco (UK) Limited; Claimant: Bahia Blanca Club B Limited; Defendant: Kevin Page; Defendant: Paul Donald Page; Defendant: Bahia Blanca Leisure Limited; Defendant: Bahia Blanca Leisure SL
Jurisdiction
England and Wales
Judgment Date
20 May 2019
Procedural Posture
Civil / Judgment After Trial
Outcome
Claim dismissed in respect of indemnity for Spanish Taxes and knowing receipt; claim allowed in part for trustee remuneration and expenses.
Legal Topics
Indemnity Under Trust Deed, Estoppel by Convention, Constructive Trust, Knowing Receipt, Trustee Remuneration and Expenses
Trusts Equity Contract Property Law Indemnity Under Trust Deed Estoppel by Convention Constructive Trust Knowing Receipt +1 more

Case Brief

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Parties

First National Trustco (UK) Limited

Claimant

Bahia Blanca Club B Limited

Claimant

Kevin Page

Defendant

Paul Donald Page

Defendant

Bahia Blanca Leisure Limited

Defendant

Bahia Blanca Leisure SL

Defendant

Procedural Posture

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether BBLL and/or Club Members are obliged to indemnify FNTC or BBCB for Spanish Taxes under clause 14 of the Deed of Trust
  2. 2 Whether FNTC and/or BBCB have a right of indemnity out of trust property under Trustee Act 2000 or common law
  3. 3 Whether FNTC and/or BBCB are entitled to reimbursement from beneficiaries under Hardoon v Belilios

Ratio Decidendi

The Claimants are not entitled to indemnity for Spanish Taxes under clause 14 of the Deed of Trust, as the clause only covers liabilities incurred by FNTC, not BBCB. There is no right of indemnity under statute, common law, or equity, as the Apartments are not trust property under the Deed of Trust, nor is there a constructive trust or estoppel. The claim for knowing receipt fails as BBL SL took good title under Spanish law, and there was no breach of trust. FNTC is entitled to recover reasonable remuneration and expenses for trustee services up to the point the Apartments were sold, but not for subsequent years or for companies not holding Apartments.

Court Disposition

Claim dismissed in respect of indemnity for Spanish Taxes and knowing receipt; claim allowed in part for trustee remuneration and expenses.

Orders

  • Claim for indemnity for Spanish Taxes dismissed
  • Claim for knowing receipt dismissed