Trilogy v YT Foundation [2013] 2 JLR 265 (22 July 2013)

Trilogy v YT Foundation [2013] 2 JLR 265 (22 July 2013)

Proceedings to determine the construction of a mandatory dividend provision in company articles, where the trustee is a shareholder, are non-adversarial and relate to the proper administration of the trust; therefore, costs are properly paid out of the trust fund.

Citation
[2013] 2 JLR 265
Parties
Applicant: Trilogy; Respondent: YT Foundation
Jurisdiction
Jersey
Judgment Date
22 July 2013
Procedural Posture
Trusts / Costs Determination
Outcome
costs awarded from trust fund
Legal Topics
Costs, Trustee Indemnity, Construction of Articles, Dividends
Trusts Company Law Costs Trustee Indemnity Construction of Articles Dividends

Case Brief

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Parties

Trilogy

Applicant

YT Foundation

Respondent

Procedural Posture

Trusts / Costs Determination

Legal Issues

  1. 1 Whether proceedings to determine the proper construction of a mandatory dividend provision in the articles of an investment company are adversarial or non-adversarial
  2. 2 Whether costs of such proceedings are properly payable out of the trust fund

Ratio Decidendi

Proceedings to determine the construction of a mandatory dividend provision in company articles, where the trustee is a shareholder, are non-adversarial and relate to the proper administration of the trust; therefore, costs are properly paid out of the trust fund.

Court Disposition

costs awarded from trust fund

Orders

  • Costs of proceedings to be paid out of the trust fund