RE HAYWARD TRUSTEE SERVICES LIMITED [2022] NZHC 2217

RE HAYWARD TRUSTEE SERVICES LIMITED [2022] NZHC 2217

The trust deed, read in context, contemplated and permitted a sole trustee and the appointment of a corporate trustee; accordingly the 2017 retirements and appointments and Wayne's 2020 retirement were valid under the deed and not precluded by the Trustee Act 1956, and Hayward Trustee Services Ltd is the validly...

Source-derived case information.

Citation
[2022] NZHC 2217
Parties
Applicant (current Trustee): Hayward Trustee Services Limited; Original Trustee: Alister Argyle; Original Trustee: John Falloon; Former Trustee and Settlor/beneficiary: Wayne Hayward; Beneficiary: Susan Hayward; Beneficiary: Glenn Hayward; Beneficiaries: Wayne's children; Nominated Beneficiaries: Scott children
Court
High Court
Jurisdiction
New Zealand
Judgment Date
2 September 2022
Procedural Posture
Originating Application Under the Trusts Act 2019 and Trustee Act 1956 Relating to Validity of Trustee Appointments/retirements / Judgment on the Papers (judgment Delivered 2 September 2022)
Outcome
Application granted in part: Court declares trustee retirements and appointments valid and confirms corporate sole trustee status and costs orders
Legal Topics
Validity of Trustee Retirement and Appointment, Interpretation of Trust Deed, Sole Corporate Trustee, Effect of Trustee Act 1956 Ss 43, 45 and 48 and Trusts Act 2019, Appointment of Litigation Guardian
Trusts Property Law Capacity/guardianship Procedure Validity of Trustee Retirement and Appointment Interpretation of Trust Deed Sole Corporate Trustee Effect of Trustee Act 1956 Ss 43, 45 and 48 and Trusts Act 2019 Appointment of Litigation Guardian

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Parties

Hayward Trustee Services Limited

Applicant (current Trustee)

Alister Argyle

Original Trustee

John Falloon

Original Trustee

Wayne Hayward

Former Trustee and Settlor/beneficiary

Susan Hayward

Beneficiary

Glenn Hayward

Beneficiary

Wayne's children

Beneficiaries

Scott children

Nominated Beneficiaries

Procedural Posture

Originating Application Under the Trusts Act 2019 and Trustee Act 1956 Relating to Validity of Trustee Appointments/retirements / Judgment on the Papers (judgment Delivered 2 September 2022)

Legal Issues

  1. 1 Whether the 23 August 2017 retirements and appointments of trustees were valid
  2. 2 Whether a sole corporate trustee is permitted by the deed and statute
  3. 3 Whether Wayne's removal/retirement on 16 October 2020 was valid

Ratio Decidendi

The trust deed, read in context, contemplated and permitted a sole trustee and the appointment of a corporate trustee; accordingly the 2017 retirements and appointments and Wayne's 2020 retirement were valid under the deed and not precluded by the Trustee Act 1956, and Hayward Trustee Services Ltd is the validly appointed sole trustee entitled to act.

Court Disposition

Application granted in part: Court declares trustee retirements and appointments valid and confirms corporate sole trustee status and costs orders

Orders

  • Alister Argyle and John Falloon were validly discharged on 23 August 2017 and were validly replaced by Wayne Hayward and Hayward Trustee Services Ltd pursuant to the trust deed
  • Wayne's retirement as a trustee on 16 October 2020 was valid pursuant to the trust deed