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In re the Exeter Settlement 2010 JRC012

February 2010 - Litigation & Dispute Resolution. Legal Developments by Carey Olsen.

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This is the latest in a line of rectification of trust applications granted by the Royal Court. In this case the Court allowed the remedy in circumstances where there were no beneficiaries recorded in the trust instrument when it was executed.

The Background

The Exeter Settlement is a Jersey law discretionary trust which was established in June 1983, with Jersey trustees. It was one of three trusts in a similar format which were to be established by non-domiciled and non-resident individuals to subscribe for shares in a new insurance broking company. The trusts were drafted in standard form with the particular information relevant to each trust inserted in a number of schedules to the trust instrument. Each trust was to be established initially with a charity as a named default beneficiary at schedule 7 and family members were to be added at a later date in exercise of the Trustee's power of addition under the trust. 

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