Continue reading "Equitable Mistake: After Pitt v Holt – the law in practice"
Kennedy & ors v Kennedy & ors [2014] EWHC 4129 (Ch)
Wills & Trusts Law Reports | June 2015 #150The trustees of a settlement dated 16 December 2003 made by the first claimant, Brian Kennedy, (the settlement) sought an order to correct a mistake made in the terms of an appointment dated 1 October 2008 (the October 2008 appointment).
Under the terms of the settlement, of which Mr Kennedy was originally the sole trustee, Mr Kennedy had a life interest in possession. The settlement contained a power of appointment exercisable by the trustees in favour of Mr Kennedy, his children and remoter issue. In default of appointment, the capital was held on trust for Mr Kennedy’s children...
Mistake: Fault lines
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Jersey: Reducing exposure
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Wright & anr v National Westminster Bank Plc [2014] EWHC 3158 (Ch)
Wills & Trusts Law Reports | April 2015 #148On 20 August 2012 Richard Wright signed a discretionary trust of which the National Westminster Bank was the trustee. The beneficiaries named were the widow, children and remoter issue of the settlor. There was a power to add beneficiaries but not the settlor or anyone who has previously added property to the settlement or the spouse of the settlor.
Clause 15 stated that no capital or income could be paid to the settlor, the spouse of the settlor or anyone who had added property.
At the first meeting with the bank the representative of the bank specifically ...
Musings From Manchester: Taking a view
O T
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Trusts: Trust comes first
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Trusts: Dealing with mistakes
F C
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Rectification: A case of doubt
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Pagel & anr v Farman [2013] EWHC 2210 (Comm)
Wills & Trusts Law Reports | November 2013 #134In 2001 Mr Pagel (P) and Mr Farman (F), set up a hedge fund. At first they shared responsibility for marketing and investment equally, but F began to concentrate on investing and P dealt with marketing and client relationships and F began to find the split unfair, so that from 2004 the 50/50 split was renegotiated and F received two thirds of the performance fees, but paid the cost of fixed employee bonuses and shared management fees 50/50 with P. Initially, both partners had to sign confirmations for all withdrawals but from autumn 2006 this only applied to amounts over £5,000. For a nu...