A Trust [2009] JRC 089 (27 April 2009)

A Trust [2009] JRC 089 (27 April 2009)

The application was refused due to lack of full and frank disclosure by Mr HT and because appointing funds would unfairly prejudice other sub-trusts, especially given doubts about the validity of the trusts and the risk of distributing assets that may belong to other parties.

Citation
[2009] JRC 089
Parties
Trustee: Equity Trust (Jersey) Limited; Protector/applicant: Mr HT; Donor/respondent: Mr MM; Respondents: Other convened parties
Jurisdiction
Jersey
Judgment Date
27 April 2009
Procedural Posture
Trust Application / Interlocutory Application for Appointment of Funds
Outcome
application refused
Legal Topics
Validity of Trusts, Resulting Trusts, Appointment of Trust Funds, Disclosure Obligations
Trusts Private International Law Validity of Trusts Resulting Trusts Appointment of Trust Funds Disclosure Obligations

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Parties

Equity Trust (Jersey) Limited

Trustee

Mr HT

Protector/applicant

Mr MM

Donor/respondent

Other convened parties

Respondents

Procedural Posture

Trust Application / Interlocutory Application for Appointment of Funds

Legal Issues

  1. 1 Whether funds should be appointed from the head trust to the HT sub-trust
  2. 2 Whether the internal notional account system should be disregarded
  3. 3 Whether the trusts have failed and assets are held on resulting trusts

Ratio Decidendi

The application was refused due to lack of full and frank disclosure by Mr HT and because appointing funds would unfairly prejudice other sub-trusts, especially given doubts about the validity of the trusts and the risk of distributing assets that may belong to other parties.

Court Disposition

application refused

Orders

  • No appointment of £121,000 from the head trust to the HT sub-trust
  • No further loans or distributions without Court approval