14 Feb 2018
THE PUBLIC TRUST v LU [2018] NZHC 130
- Citation
- [2018] NZHC 130
- Court
- High Court
The deed purporting to exclude Mike was executed solely by the settlor and not by the trustees; clause 12.1 vests the exclusion power in the trustees and clause 11.1 requires exercise or ratification by resolution signed by all trustees; because those requirements were not satisfied the deed is invalid and of no legal effect, leaving Mike as a discretionary and final beneficiary; the Public Trust is entitled to recover its reasonable solicitor/client costs and disbursements from the trust assets.