Now in its 19th edition, written by renowned experts in the field, with expert commentary on the law of trusts and trustees. This definitive title provides practitioners an essential guide to all legal developments relating to trusts.
What’s New:-
The new edition takes advantage of new case-law and academic literature and further reflections of its editors to set out and explain the current evolved state of the law.
The introductory Division 1 has been revised to take account of recent literature dealing with the nature of beneficiaries’ rights and of fiduciary obligations and the position of protector of a trust, while also comparing trusts with foundations now that some common law jurisdictions have legislated for foundations as an alternative to trustees holding assets for families.
Division 2 on Express Trusts has been updated clarifying the law further eg in relation to Quistclose trusts in the light of two Court of Appeal cases and to setting aside gifts or appointments for mistake in the light of the Supreme Court’s Pitt v HMRC [2013] UKSC 26.
Division 3 on Trusts imposed by Law deals with significant developments on illegality in resulting trust claims (Les Laboratoires Servier v Apotex Inc [2015] AC 430, Biklta (UK) Ltd v Nazir (No 2) [2015] 2 WLR1168), on resulting trusts of company property (Prest v Petrodel Resopuirces ), on constructive trusts of family homes (Jones v Kernott [2012] 1AC 776 and Graham-York v York) and of secret commissions (FHR European Ventures v Cedar Capital Partners), and vendor-purchaser constructive trusts (Scott v Southern Pacific Mortgages). Most of the material in Art 37 on constructive trusts of unauthorised fiduciary gains, however, is being moved to be dealt with under a new Art 91 dealing with Remedies for Breach of Fiduciary Duty within Division 5 to be headed ‘The Consequences of a Breach of Trust or Breach of Fiduciary Duty’, the latter covering not just trustees but an extensive important range of other persons subject to fiduciary duties.
here has been little movement of the law in Division 4 on The Administration of Trusts except for refinement of the Hastings-Bass rule in Futter v HMRC [2013] UKSC 26. However, the Chap 14 Art 57 duties applicable to trustees exercising powers are being dealt with under Chap 13 dealing with The Trustee’s Duties, while in Chap 14 a new section deals with giving effect to dispositions which could have been effected by powers but were not so formally effected.
In Division 5 there have been many developments with Supreme Court cases dealing with breach of trust claims for misapplication of trust funds (AIB Group v Mark Redler & Co ) and limitation of liability for constructive trustees (Williams c Central Bank of Nigeria) and Court of Appeal cases in England & elsewhere dealing with personal and proprietary remedies against recipients of misdirected funds and the bona fide purchaser defence (Independent Trustee Services Ltd v GP Noble Trustees Ltd, Relfo Ltd V Varsani, Rea v Russell, Grimaldi v Chameleon Mining (No 2), Brazil and Sao Paulo v Durant International Corp [2013] JCA) and gain-based remedies for dishonest assistance in breach of fiduciary duty (Novoship (UK) Ltd v Mikhaylyuk).
Division 6 covers some developments as to self-declared trusts (Akers v Samba Financial Group), choice of law (Gorgeous Beaty v Liu), choice of jurisdiction (Crociani v Crociani [2014] UKPC 40), the Re-cast Regulation No 15 of 2012 replacing Brussels 1 No 44 of 2001 and the Succession Regulation No 60 of 2012.
A new Division 7 on ‘Trusts’ in Civil Law Countries’ to assist practitioners dealing with the creation or operation of such trusts.
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