Zedra Fiduciary Services (UK) Ltd v HM Attorney General [2024] WTLR 363

Wills & Trusts Law Reports | Spring 2024 #194

In 1928 Gaspard Farrer established a fund which he intended, in due course, to pay off the National Debt in its entirety, either by itself or in combination with other funds established for the same purpose. The fund was specified to be held until a specified date of application for investment and accumulation, and thereafter ‘to transfer and pay the same to the National Debt Commissioners to be applied by them in reduction of the National Debt’, with a power at any time to determine that ‘part of the National Fund should be forthwith applied in reduction of the National Debt.’ Subsequen...

H.M. Attorney General v Zedra Fiduciary Services (UK) Ltd & ors [2020] WTLR 1287

Wills & Trusts Law Reports | Winter 2020 #181

In 1927 a partner (GF) in Barings Brothers & Co (Barings) transferred cash and securities of almost £500,000 (the National Fund) to Barings in anticipation of the execution of a deed of trust by Barings, which was executed on 9 January 1928 (the deed). Other donors, including Lord Dalziel, subsequently made further contributions to the National Fund. By clause 2 of the deed Barings held the National Fund as trustees upon trust to accumulate income and profits until the date fixed by the trustees as being the date when, either alone or together with other funds then available for the ...