T Settlement [2008] JRC 062 (17 April 2008)

T Settlement [2008] JRC 062 (17 April 2008)

Section 39(1) Trustee Act 1925 does not require a single deed for trustee retirement; the combined effect of the Deed of Retirement, Release, and Assignment executed as deeds by the Former Trustees was sufficient to evidence their consent by deed to Ms Stoten's discharge and the vesting of trust property in themselves alone, thus perfecting her retirement as trustee from 25 July 2001.

Citation
[2008] JRC 062
Parties
Retiring Trustee: Ms Louise Stoten; Former Trustee: AIBJerseyTrust Limited (formerly AIB Trust Company (Jersey) Limited); Former Trustee: Mr Anthony Staples; Original Trustee: Mrs T (ST); Beneficiary Representative: HT; Applicant/current Trustees: Representors (current trustees)
Jurisdiction
Jersey
Judgment Date
17 April 2008
Procedural Posture
Application for Declarations / Judgment After Hearing
Outcome
Declarations granted as sought by the representors.
Legal Topics
Trustee Retirement, Construction of Trustee Act 1925 S39(1), Effectiveness of Retirement by Deed, Consent by Co Trustees, Interpretation of Statutory Requirements, Implied Exercise of Powers
Trusts and Estates Private International Law Trustee Retirement Construction of Trustee Act 1925 S39(1) Effectiveness of Retirement by Deed Consent by Co Trustees Interpretation of Statutory Requirements Implied Exercise of Powers

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Parties

Ms Louise Stoten

Retiring Trustee

AIBJerseyTrust Limited (formerly AIB Trust Company (Jersey) Limited)

Former Trustee

Mr Anthony Staples

Former Trustee

Mrs T (ST)

Original Trustee

HT

Beneficiary Representative

Representors (current trustees)

Applicant/current Trustees

Procedural Posture

Application for Declarations / Judgment After Hearing

Legal Issues

  1. 1 Whether Ms Stoten was validly discharged as trustee under section 39(1) Trustee Act 1925
  2. 2 Whether consent of co-trustees to retirement must be by single deed or can be by separate deeds
  3. 3 Whether subsequent deeds executed by co-trustees evidenced sufficient consent by deed to retirement and vesting

Ratio Decidendi

Section 39(1) Trustee Act 1925 does not require a single deed for trustee retirement; the combined effect of the Deed of Retirement, Release, and Assignment executed as deeds by the Former Trustees was sufficient to evidence their consent by deed to Ms Stoten's discharge and the vesting of trust property in themselves alone, thus perfecting her retirement as trustee from 25 July 2001.

Court Disposition

Declarations granted as sought by the representors.

Orders

  • Declaration that Ms Stoten's retirement was effective from 25 July 2001 and she was validly discharged from the Trust on that date.
  • Declaration that the Former Trustees were the sole trustees of the Trust from 25 July 2001 until their retirement on 5 March 2008.