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ARTICLE · 14 MAY 2015

Retired From A Trust And Now Faced With Liabilities?

Collas Crill
Collas Crill
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Collas Crill

Collas Crill

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This lien provides retired trustees with a right to be indemnified by their successors up to the trust assets held by such successor.

JerseyCorporate/Commercial Law
Kellyann Ozouf
Kellyann Ozouf
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It is good news for former trustees! If you have recently retired as trustee of a Jersey law governed trust you will be comforted by the fact that the Jersey court has recently confirmed that retired trustees do indeed have an "equitable lien" over the trust fund of a trust for which they formerly administered.

This lien provides retired trustees with a right to be indemnified by their successors up to the trust assets held by such successor. Importantly, this right is in addition to any contractual right to be indemnified pursuant to an instrument of retirement and appointment of trustees that the trustees may have entered into. See In the matter of the Representation of the Z trusts [2015] JRC 031.

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