Representation of Equity Trust (Jersey) Limited re Longthorne Trust 11-Nov-2019 [2019] JRC 223A (11 November 2019)

The trustee's decision to sell the property is reasonable, made in good faith, and the conflict of interest is acknowledged and managed. There is no realistic alternative given the trust's financial situation and asset deterioration.

Citation: [2019] JRC 223A
Parties: Applicant: Equity Trust (Jersey) Limited; Respondents: Longthorne Trust beneficiaries (settlor and two sons)
Jurisdiction: Jersey
Judgment Date: 11 November 2019
Procedural Posture: Trustee Application for Court Blessing / Final Judgment
Outcome: application granted
Legal Topics: Trustee Decision Blessing, Conflict of Interest, Discretionary Trust, Sale of Trust Property

Trust Law Trustee Decision Blessing Conflict of Interest Discretionary Trust Sale of Trust Property

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Parties

Equity Trust (Jersey) Limited

Applicant

Longthorne Trust beneficiaries (settlor and two sons)

Respondents

Procedural Posture

Trustee Application for Court Blessing / Final Judgment

Legal Issues

1 Should the trustee's decision to sell the trust property be blessed by the court?
2 Is the trustee's conflict of interest sufficiently acknowledged and managed?
3 Is sale of the property in the best interests of the beneficiaries?

Ratio Decidendi

Court Disposition

application granted

Orders

Trustee to engage agents to market and sell the property at best price within reasonable time.
Proceeds of sale to discharge trust's outstanding liabilities.