New Zealand Case Law: Decisions & Judgments

Topic

Transfer of trust assets

Legal area

Court

8 Nov 2017

LSF TRUSTEES LIMITED v FOOTSTEPS TRUSTEE COMPANY LIMITED (IN LIQUIDATION) [2017] NZHC 2619

Citation

[2017]NZAR 1676
Court

High Court

There was a genuine dispute under s 290(4)(a) as to whether Footsteps was a creditor of either applicant because Footsteps' rights rested on an equitable indemnity and lien which give proprietary remedies enforceable only by judicial process and do not create a personal debt owed by the new trustee or purchaser in the absence of an express contractual indemnity; accordingly the statutory demands were set aside.
28 Jun 2016

BARRETT & ORS v SOUTHEE & ANOR [2016] NZHC 1461

Citation

[2016] NZHC 1461
Court

High Court

Because the Trust Deed validly removed the first defendant as trustee and vested the Appointor with authority to effect transfer and to sign on behalf of a removed trustee, because the life policy is a trust asset held for the beneficiaries, and because the first defendant failed to file a defence or establish a miscarriage of justice after valid substituted service, the Court entered judgment by formal proof and ordered that she execute required transfer documents or that the Appointor be authorised to sign on her behalf; the insurer is restrained from paying without plaintiffs' written agre…
28 Aug 2015

Re the Ronald McDonald House Wellington Trust Board [2015] NZHC 2073

Citation

[2015] NZHC 2073
Court

High Court

Clause 11.10(a)'s reference to 'inexpedient' is engaged and permits winding up of RMH Wellington because the existing multiple localised trust structure is inexpedient, but the proposed variations were overly broad and risked enabling a fraud on the power; the Court granted the application in part, permitting a narrow amendment substituting Ronald McDonald House Charities New Zealand Trust as the mandatory transferee in clause 11.10(b) and authorising the trustees to wind up and transfer assets on that basis.
5 Sept 2008

UNIVERSITY OF OTAGO V THE TRUSTEES OF THE UNIVERSITY OF OTAGO FOUNDATION TRUST HC DUN CIV 2008-412-000604

Citation

openlaw-51a4db3f_c913_45ec_88ea_a16cea0a78ac.pdf
Court

High Court

The Court approved the proposed transfer and variation because the scheme preserved the original purposes and donor restrictions, the Foundation deed contains safeguards (notably clauses 7.3 and 8.2) and the Solicitor-General's report confirmed the scheme is proper under Part 3 of the Charitable Trusts Act 1957; approval is conditional on trustees implementing measures to identify and honour donor terms.

New Zealand Case Law

LSF TRUSTEES LIMITED v FOOTSTEPS TRUSTEE COMPANY LIMITED (IN LIQUIDATION) [2017] NZHC 2619

BARRETT & ORS v SOUTHEE & ANOR [2016] NZHC 1461

Re the Ronald McDonald House Wellington Trust Board [2015] NZHC 2073

UNIVERSITY OF OTAGO V THE TRUSTEES OF THE UNIVERSITY OF OTAGO FOUNDATION TRUST HC DUN CIV 2008-412-000604