MCKNIGHT AND ORS V CRAIG AND ORS HC DUN CIV-2009-412-000919

MCKNIGHT AND ORS V CRAIG AND ORS HC DUN CIV-2009-412-000919

The Court approved the proposed variation because the applicants amended the draft Craig Family Trust deed to remove the identified potential detriments to minor and unborn beneficiaries, counsel for those beneficiaries confirmed no detriment remained, and approval was granted conditionally on the deed conforming to the amended draft filed 10 June 2010.

Citation
openlaw-327012a1_3bfd_47ac_863f_18eeb016a201.pdf
Parties
First Plaintiff: RICHARD STEWART MCKNIGHT; First Plaintiff: GRAHAM ROSS WILKINSON; First Plaintiff: ANDERSON LLOYD TRUSTEE COMPANY LIMITED; Second Plaintiff: RICHARD STEWART MCKNIGHT; Second Plaintiff: GRAHAM ROSS WILKINSON; Second Plaintiff: ANDERSON LLOYD TRUSTEE COMPANY LIMITED; Defendant: NATHANIEL TOLLETH CRAIG; Defendant: CHRISTINE ANNE CRAIG; Defendant: PHILLIP NATHANIEL CRAIG; Defendant: SIMON MATTHEW CRAIG; Defendant: ELIZABETH ANNE WILKINSON; Defendant: ALISTAIR DAVID WILLIAMS; Defendant: ROGER NEILL WILLIAMS; Protected Beneficiaries: Minor and unborn beneficiaries
Court
High Court
Jurisdiction
New Zealand
Judgment Date
22 June 2010
Procedural Posture
Application Under S64 a Trustee Act 1956 (variation of Trusts) / Hearing; Reserved Judgment Delivered 22 June 2010
Outcome
Application granted; arrangement approved on condition that the Craig Family Trust deed conforms to the amended draft filed 10 June 2010.
Legal Topics
Variation of Trust, Approval for Minors and Unborn Beneficiaries, Trust Resettlement, Discretionary Trusts, Trustees' Powers
Trust Law Property Law Equity Family Trusts Variation of Trust Approval for Minors and Unborn Beneficiaries Trust Resettlement Discretionary Trusts +1 more

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Parties

RICHARD STEWART MCKNIGHT

First Plaintiff

GRAHAM ROSS WILKINSON

First Plaintiff

ANDERSON LLOYD TRUSTEE COMPANY LIMITED

First Plaintiff

RICHARD STEWART MCKNIGHT

Second Plaintiff

GRAHAM ROSS WILKINSON

Second Plaintiff

ANDERSON LLOYD TRUSTEE COMPANY LIMITED

Second Plaintiff

NATHANIEL TOLLETH CRAIG

Defendant

CHRISTINE ANNE CRAIG

Defendant

PHILLIP NATHANIEL CRAIG

Defendant

SIMON MATTHEW CRAIG

Defendant

ELIZABETH ANNE WILKINSON

Defendant

ALISTAIR DAVID WILLIAMS

Defendant

ROGER NEILL WILLIAMS

Defendant

Minor and unborn beneficiaries

Protected Beneficiaries

Procedural Posture

Application Under S64 a Trustee Act 1956 (variation of Trusts) / Hearing; Reserved Judgment Delivered 22 June 2010

Legal Issues

  1. 1 Whether the Court should approve the proposed consolidation and variation of two discretionary family trusts on behalf of minor and unborn beneficiaries under s64A of the Trustee Act 1956
  2. 2 Whether the proposed Craig Family Trust would be detrimental to existing minor or unborn beneficiaries
  3. 3 Whether amendments to the draft trust deed adequately eliminate potential detriments

Ratio Decidendi

The Court approved the proposed variation because the applicants amended the draft Craig Family Trust deed to remove the identified potential detriments to minor and unborn beneficiaries, counsel for those beneficiaries confirmed no detriment remained, and approval was granted conditionally on the deed conforming to the amended draft filed 10 June 2010.

Court Disposition

Application granted; arrangement approved on condition that the Craig Family Trust deed conforms to the amended draft filed 10 June 2010.

Orders

  • Approval under s64A Trustee Act 1956 of the proposed variation (as set out in paragraph 17 of the statement of claim) conditional on the Craig Family Trust deed being in accordance with the amended draft filed 10 June 2010
  • No issue as to costs