Richards v Wood

Richards v Wood

Statutory discount forms part of Mr and Mrs Wood's initial contribution under the trust; improvements increase the share by the amount spent; sale at £102,000 was not a breach of trust as it was within reasonable market value; no knowing receipt or dishonest assistance established.

Parties
Applicant: Richards; Respondent: Mr and Mrs Wood; Respondent: Mr and Mrs Michael and Janet Wood
Jurisdiction
England and Wales
Judgment Date
27 February 2014
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed; judgment of trial court upheld.
Legal Topics
Interpretation of Trust Deeds, Statutory Discount as Contribution, Sale at Undervalue, Breach of Trust, Knowing Receipt, Dishonest Assistance
Trusts Property Law Interpretation of Trust Deeds Statutory Discount as Contribution Sale at Undervalue Breach of Trust Knowing Receipt Dishonest Assistance

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Parties

Richards

Applicant

Mr and Mrs Wood

Respondent

Mr and Mrs Michael and Janet Wood

Respondent

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether statutory discount forms part of initial contribution under the trust
  2. 2 Whether expenditure on improvements increases the share of the person providing it
  3. 3 Whether sale at £102,000 was a breach of trust or sale at undervalue

Ratio Decidendi

Statutory discount forms part of Mr and Mrs Wood's initial contribution under the trust; improvements increase the share by the amount spent; sale at £102,000 was not a breach of trust as it was within reasonable market value; no knowing receipt or dishonest assistance established.

Court Disposition

Appeal dismissed; judgment of trial court upheld.

Orders

  • Judge's order for costs set off Mr Richards' entitlement against costs he was ordered to pay.