A Trust [2010] JRC 013 (25 January 2010)

A Trust [2010] JRC 013 (25 January 2010)

The Trust failed for want of beneficiaries in or around May 2000 as neither A nor its subsidiaries had employees, and the sub-trusts were invalid as they were created after assets had become subject to resulting trusts for the donors.

Citation
[2010] JRC 013
Parties
Representor/trustee: Equity; Founder/donor: A; Donor: Mr MM; Donor: Mr HT; Party: Herald Trustees Limited
Jurisdiction
Jersey
Judgment Date
25 January 2010
Procedural Posture
Trust Administration Application / Final Judgment
Outcome
Trust failed for want of beneficiaries; sub-trusts declared invalid.
Legal Topics
Failure of Trust for Want of Beneficiaries, Resulting Trusts, Employee Benefit Trusts, Jurisdiction Under Trusts (jersey) Law 1984
Trusts Equity Private International Law Failure of Trust for Want of Beneficiaries Resulting Trusts Employee Benefit Trusts Jurisdiction Under Trusts (jersey) Law 1984

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Parties

Equity

Representor/trustee

A

Founder/donor

Mr MM

Donor

Mr HT

Donor

Herald Trustees Limited

Party

Procedural Posture

Trust Administration Application / Final Judgment

Legal Issues

  1. 1 Whether the A Employee Shares Trust failed for want of beneficiaries
  2. 2 Validity of five sub-trusts created within the Trust
  3. 3 Resulting trust implications for donors

Ratio Decidendi

The Trust failed for want of beneficiaries in or around May 2000 as neither A nor its subsidiaries had employees, and the sub-trusts were invalid as they were created after assets had become subject to resulting trusts for the donors.

Court Disposition

Trust failed for want of beneficiaries; sub-trusts declared invalid.

Orders

  • Assets of the Trust and sub-trusts to be held to the order of the Court pending determination of division between donors and any claims by other beneficiaries.
  • £1000 to result back to A.