IFM Corporate Trustees -v- Helliwell and Mountain [2015] JRC 160 (31 July 2015)

IFM Corporate Trustees -v- Helliwell and Mountain [2015] JRC 160 (31 July 2015)

The trust instrument did not reflect the true intentions of the Settlor and trustee due to a genuine mistake, full and frank disclosure was ultimately made, and there was no other practical remedy. Rectification is ordered to insert the omitted classes of beneficiaries into the trust instrument.

Citation
[2015] JRC 160
Parties
Representor (trustee): Lighthouse Trustees Limited; Settlor: K2 Contractor Solutions Trust; Specified Employee (beneficiary): First Respondent; Missing Beneficiary: Second Respondent
Jurisdiction
Jersey
Judgment Date
31 July 2015
Procedural Posture
Application for Rectification of Trust / Judgment After Hearing
Outcome
Application for rectification granted
Legal Topics
Rectification of Trust Instrument, Beneficiary Definition, Mistake in Trust Deed
Trusts Equity Rectification of Trust Instrument Beneficiary Definition Mistake in Trust Deed

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Parties

Lighthouse Trustees Limited

Representor (trustee)

K2 Contractor Solutions Trust

Settlor

First Respondent

Specified Employee (beneficiary)

Second Respondent

Missing Beneficiary

Procedural Posture

Application for Rectification of Trust / Judgment After Hearing

Legal Issues

  1. 1 Whether the trust instrument should be rectified to include additional classes of beneficiaries due to a genuine mistake
  2. 2 Whether full and frank disclosure has been made
  3. 3 Whether there is any other practical remedy

Ratio Decidendi

The trust instrument did not reflect the true intentions of the Settlor and trustee due to a genuine mistake, full and frank disclosure was ultimately made, and there was no other practical remedy. Rectification is ordered to insert the omitted classes of beneficiaries into the trust instrument.

Court Disposition

Application for rectification granted

Orders

  • Trust instrument rectified by inserting specified paragraphs after paragraph (H) of the Third Schedule to include additional classes of beneficiaries.