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ARTICLE · 16 JULY 2020

Bermuda Modernises Trust Laws

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Enhancements to Bermuda's "firewall" provisions will soon be enacted.

BermudaCorporate/Commercial Law
Vanessa Schrum
Vanessa Schrum
Michael Mello
Michael Mello
Caljonah Smith
Caljonah Smith
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The Trusts (Special Provisions) Amendment Act 2020 (Bill) was tabled in the House of Assembly on 3 July 2020. The Bill seeks to amend the Trusts (Special Provisions) Act 1989 (Principal Act) to clarify the jurisdiction of the Supreme Court in respect of Bermuda trusts and foreign trusts with a connection to Bermuda; to enhance and modernise provisions of the Principal Act with regard to the application of foreign laws and foreign orders to Bermuda trusts; and to make consequential amendments to the Conveyancing Act 1983.

The Bill, once it becomes operative, is intended to make the following amendments to the Principal Act:

  • New section 1A - To improve certain definitions in the Principal Act such as "foreign court" (to cover foreign arbitration and other tribunal determinations), "foreign order" (to include interim or final judgments, awards, orders or other decisions of a foreign court), "settlor" (to include the testator of a will trust and the

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