Jersey Judgment

Barclays Wealth v. Equity Trust [2014] 1 JLR 517 (02 May 2014)

Trust Law Contract Law Unit Trusts Contractual Obligations Successor Rights

Citation: [2014] 1 JLR 517
Status: Judgment
Jurisdiction: Jersey
Posture: Civil / Judgment

More details

Posture: Civil / Judgment

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Professional case brief

Research organized from the available case record

Source document

Holding and result

Successor manager and trustee can probably enforce contractual obligations created by the trust instrument against the original manager and trustee if such obligations are for the benefit of unitholders.

Court disposition

guidance provided

Material facts

Parties

Barclays Wealth

Applicant

Equity Trust

Respondent

Procedural history

Posture

Civil / Judgment

Questions and positions

Legal issues

01
Whether a trust instrument creates enforceable contractual obligations between manager and trustee for the benefit of unitholders
02
Whether successor manager and trustee can enforce obligations against original manager and trustee

Party arguments

Applicant: The trust instrument creates enforceable contractual obligations between the manager and trustee for the benefit of unitholders, and successors should be able to enforce these obligations.
Respondent: The enforceability of such obligations by successors is disputed, questioning whether the original contractual obligations extend to successor parties.

Court’s reasoning

Legal principles

01
[2014] 1 JLR 517

If a trust instrument creates enforceable contractual obligations between manager and trustee for the benefit of unitholders, successor manager and trustee can probably enforce obligations against original manager and trustee.

Ratio, limits and disposition

Ratio decidendi

Successor manager and trustee can probably enforce contractual obligations created by the trust instrument against the original manager and trustee if such obligations are for the benefit of unitholders.

Court disposition

guidance provided

Source and reliance status

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Judgment text

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Court record

Judgment

[2014] 1 JLR 517

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