In the matter of Banayou Trust [2019] JRC 078 (06 May 2019)

In the matter of Banayou Trust [2019] JRC 078 (06 May 2019)

The assets of the Banayou Trust should be distributed to the Successor States (Republic of Serbia, Republic of Macedonia, State of Bosnia and Herzegovina, Republic of Croatia, Republic of Slovenia) either as successor beneficiaries or as those entitled to the assets of the settlor, the National Bank of Yugoslavia, which has ceased to exist. The representor's decision to distribute is reasonable, made in good faith, and momentous, and is approved by the Court. A Benjamin order is appropriate to protect the trustee from future claims. The prohibition on publication of the judgment is set aside and the judgment is to be published in full.

Citation
[2019] JRC 078
Parties
Representor: Representor (ING Trust (Jersey) Limited, formerly NMB Trust Company Limited); Amicus Curiae: Attorney General; Amicus Curiae: Advocate Drummond; Beneficiary: Republic of Serbia; Beneficiary: Republic of Macedonia; Beneficiary: State of Bosnia and Herzegovina; Beneficiary: Republic of Croatia; Beneficiary: Republic of Slovenia
Jurisdiction
Jersey
Judgment Date
06 May 2019
Procedural Posture
Trust Administration / Representation / Final Judgment on Distribution and Publication
Outcome
Application granted; distribution approved; prohibition on publication set aside.
Legal Topics
Trust Asset Distribution, Successor States, Beneficiary Identification, Benjamin Order, Publication of Judgments, Privacy Orders
Trusts and Estates Private International Law Trust Asset Distribution Successor States Beneficiary Identification Benjamin Order Publication of Judgments Privacy Orders

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Parties

Representor (ING Trust (Jersey) Limited, formerly NMB Trust Company Limited)

Representor

Attorney General

Amicus Curiae

Advocate Drummond

Amicus Curiae

Republic of Serbia

Beneficiary

Republic of Macedonia

Beneficiary

State of Bosnia and Herzegovina

Beneficiary

Republic of Croatia

Beneficiary

Republic of Slovenia

Beneficiary

Procedural Posture

Trust Administration / Representation / Final Judgment on Distribution and Publication

Legal Issues

  1. 1 Who are the proper beneficiaries of the Banayou Trust following the dissolution of the National Bank of Yugoslavia?
  2. 2 Is the representor entitled to distribute the trust assets to the Successor States?
  3. 3 Should the Court approve the deed of appointment and indemnity?

Ratio Decidendi

The assets of the Banayou Trust should be distributed to the Successor States (Republic of Serbia, Republic of Macedonia, State of Bosnia and Herzegovina, Republic of Croatia, Republic of Slovenia) either as successor beneficiaries or as those entitled to the assets of the settlor, the National Bank of Yugoslavia, which has ceased to exist. The representor's decision to distribute is reasonable, made in good faith, and momentous, and is approved by the Court. A Benjamin order is appropriate to protect the trustee from future claims. The prohibition on publication of the judgment is set aside and the judgment is to be published in full.

Court Disposition

Application granted; distribution approved; prohibition on publication set aside.

Orders

  • Prohibition on distributions lifted.
  • Representor permitted to distribute trust assets to the Republic of Serbia, Republic of Macedonia, State of Bosnia and Herzegovina, Republic of Croatia, and Republic of Slovenia as current beneficiaries or otherwise entitled.