Midland Bank Trust v Fps [1994] JLR 276 (04 August 1994)

Midland Bank Trust v Fps [1994] JLR 276 (04 August 1994)

Trustees are liable to restore losses to the trust, including profits that would have been made but for their breach of trust by improper investment, and an action for breach of trust may be maintained even if no loss is suffered.

Citation
[1994] JLR 276
Parties
Applicant: Midland Bank Trust; Respondent: Fps
Jurisdiction
Jersey
Judgment Date
04 August 1994
Procedural Posture
Civil / Judgment
Outcome
judgment for applicant
Legal Topics
Liabilities of Trustees, Restoration of Loss, Breach of Trust, Improper Investment
Trusts Liabilities of Trustees Restoration of Loss Breach of Trust Improper Investment

Case Brief

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Parties

Midland Bank Trust

Applicant

Fps

Respondent

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether 'loss' includes profits that would have been made but for breach of trust by improper investment of trust funds
  2. 2 Whether an action for breach of trust can be maintained even if no loss is suffered

Ratio Decidendi

Trustees are liable to restore losses to the trust, including profits that would have been made but for their breach of trust by improper investment, and an action for breach of trust may be maintained even if no loss is suffered.

Court Disposition

judgment for applicant