THE PETITION OF THE ROYAL BANK OF SCOTLAND PLC FOR AUTHORITY TO RESIGN AS TRUSTEE OF THE SAID TRUST [2022] ScotCS CSOH_3 (14 January 2022)

THE PETITION OF THE ROYAL BANK OF SCOTLAND PLC FOR AUTHORITY TO RESIGN AS TRUSTEE OF THE SAID TRUST [2022] ScotCS CSOH_3 (14 January 2022)

The petitioner demonstrated practical inability to efficiently discharge trustee duties following the sale of its trust administration business, and resignation is necessary in the interests of the trusts. Ludlow Trust Company Ltd is a suitable replacement trustee, having undergone rigorous vetting and possessing sufficient expertise and financial support. Authority to resign is granted under section 3 of the Trusts (Scotland) Act 1921.

Citation
[2022] ScotCS CSOH_3
Parties
Petitioner: The Royal Bank of Scotland PLC
Jurisdiction
Scotland
Judgment Date
14 January 2022
Procedural Posture
Petition / Final Judgment
Outcome
petition granted
Legal Topics
Trustee Resignation, Statutory Interpretation, Fiduciary Duty, Trust Administration
Trusts Banking Corporate Law Trustee Resignation Statutory Interpretation Fiduciary Duty Trust Administration

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 12 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

The Royal Bank of Scotland PLC

Petitioner

Procedural Posture

Petition / Final Judgment

Legal Issues

  1. 1 Whether the petitioner has authority to resign as trustee under section 3 of the Trusts (Scotland) Act 1921 or at common law
  2. 2 Whether Ludlow Trust Company Ltd is a suitable replacement trustee
  3. 3 Whether resignation is in the interests of the trusts

Ratio Decidendi

The petitioner demonstrated practical inability to efficiently discharge trustee duties following the sale of its trust administration business, and resignation is necessary in the interests of the trusts. Ludlow Trust Company Ltd is a suitable replacement trustee, having undergone rigorous vetting and possessing sufficient expertise and financial support. Authority to resign is granted under section 3 of the Trusts (Scotland) Act 1921.

Court Disposition

petition granted

Orders

  • Authority granted to The Royal Bank of Scotland PLC to resign as trustee under section 3 of the Trusts (Scotland) Act 1921.
  • No conditions imposed; exoneration not sought.