Tait -v- Apex Trustees Limited [2012] JRC 148 (07 August 2012)

Tait -v- Apex Trustees Limited [2012] JRC 148 (07 August 2012)

The Tait Annuity Investment Trust and related estate annuity purchase deeds were entered into under a mistake of fact and law so serious that it would be unjust for the trustee to retain the property. The arrangements could not lawfully be performed due to lack of registration for insurance business, and the trust failed for lack of a valid enforcer. Jersey law governs the validity and effect of the trust and related deeds, and the tenancy agreement fails as a consequence.

Citation
[2012] JRC 148
Parties
Applicant: First Representor; Applicant: Second Representor; Founder: Enhance Inc; Original Trustee: Atlas Trust Company (Jersey) Limited; Respondent: Respondent Trustee
Jurisdiction
Jersey
Judgment Date
07 August 2012
Procedural Posture
Application to Set Aside Trust and Related Deeds / Final Judgment
Outcome
trust and related deeds set aside
Legal Topics
Mistake in Trust Formation, Invalidity of Purpose Trusts, Non Charitable Purpose Trusts, Insurance Business Without Registration, Choice of Law, Setting Aside Voluntary Dispositions
Trust Law Contract Law Insurance Law Conflict of Laws Mistake in Trust Formation Invalidity of Purpose Trusts Non Charitable Purpose Trusts Insurance Business Without Registration +2 more

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Parties

First Representor

Applicant

Second Representor

Applicant

Enhance Inc

Founder

Atlas Trust Company (Jersey) Limited

Original Trustee

Respondent Trustee

Respondent

Procedural Posture

Application to Set Aside Trust and Related Deeds / Final Judgment

Legal Issues

  1. 1 Whether the Tait Annuity Investment Trust and related estate annuity purchase deeds are void due to mistake
  2. 2 Whether the trust and deeds are invalid under Jersey law due to lack of registration for insurance business
  3. 3 Whether the tenancy agreement is void as a consequence

Ratio Decidendi

The Tait Annuity Investment Trust and related estate annuity purchase deeds were entered into under a mistake of fact and law so serious that it would be unjust for the trustee to retain the property. The arrangements could not lawfully be performed due to lack of registration for insurance business, and the trust failed for lack of a valid enforcer. Jersey law governs the validity and effect of the trust and related deeds, and the tenancy agreement fails as a consequence.

Court Disposition

trust and related deeds set aside

Orders

  • The Tait Annuity Investment Trust and estate annuity purchase deeds of 14 July 2003 and 11 June 2004 are set aside.
  • The purported tenancy agreement is void.