15 Dec 2010
FRIMLEY ESTATE LIMITED V STONEWALL HOMES LIMITED AND ANOR HC NAP CIV-2009-441-237
- Citation
- openlaw-c3afc40b_f16a_4c80_b9e7_8b8d7ec36b1f.pdf
- Court
- High Court
The limitation clause was to be construed to fix the trustee's limited liability by reference to the value of trust assets at the date the Agreement became unconditional (31 August 2007); the payments to beneficiaries in 2008/09 were in substance advances not distributions and therefore the trust had sufficient assets at that date; accordingly clause 14.1(2) did not operate to reduce SHL's final liability and summary judgment was granted to FEL for the full claimed loss of $521,226.00 against SHL.