Representation of Deutsche Bank International Limited [2020] JRC 057 (07 April 2020)

Representation of Deutsche Bank International Limited [2020] JRC 057 (07 April 2020)

The Court held that the Representor had acted in good faith, taken all reasonable steps to locate the Lost Shareholders, and that the transfer of Custody Assets to the Receiver General for 15 years was a reasonable and proper course of action. The decision was not vitiated by conflict of interest and was in the best...

Source-derived case information.

Citation
[2020] JRC 057
Parties
Applicant: Representor (Deutsche Bank Group entity); Respondent: Her Majesty's Receiver General; Beneficiaries: Lost Shareholders (ex-employees)
Jurisdiction
Jersey
Judgment Date
07 April 2020
Procedural Posture
Trust Application / Judgment on Application for Court Blessing of Asset Transfer
Outcome
application granted
Legal Topics
Bare Trusts, Custodian Duties, Unclaimed Assets, Court Blessing of Trustee Decisions, Asset Transfer to Receiver General, Termination of Trusts
Trusts Company Law Bare Trusts Custodian Duties Unclaimed Assets Court Blessing of Trustee Decisions Asset Transfer to Receiver General Termination of Trusts

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Parties

Representor (Deutsche Bank Group entity)

Applicant

Her Majesty's Receiver General

Respondent

Lost Shareholders (ex-employees)

Beneficiaries

Procedural Posture

Trust Application / Judgment on Application for Court Blessing of Asset Transfer

Legal Issues

  1. 1 Whether the Representor, as trustee, can transfer unclaimed Custody Assets of uncontactable beneficiaries to the Receiver General
  2. 2 Whether the Court should bless the Representor's decision as a momentous decision under trust law

Ratio Decidendi

The Court held that the Representor had acted in good faith, taken all reasonable steps to locate the Lost Shareholders, and that the transfer of Custody Assets to the Receiver General for 15 years was a reasonable and proper course of action. The decision was not vitiated by conflict of interest and was in the best interests of the beneficiaries given the circumstances.

Court Disposition

application granted

Orders

  • Court blesses the Representor's decision to transfer Custody Assets of Lost Shareholders to the Receiver General on agreed terms.
  • Receiver General to hold assets for 15 years, during which beneficiaries may claim without fee; after 15 years, assets pass bona vacantia to the Crown.