An application was made for the trustee to be replaced. The trustee complained that he would remain liable in certain events, and sought an indemnity from any new trustee out of the trust fund.
Held: A new trustees would be under ‘the normal duty of preserving an equitable balance, and if at any time it was shown they were inclining one way or the other, it would not be a difficult matter to bring them to account.’ The court asked to what extent a trustee may have a lien over the trust fund for the liabilities to which that trustee may be subject.
Judges:
Wilberforce J
Citations:
[1963] 1 All ER 857, [1963] 3 WLR 742, [1963] Ch 576
Citing:
See Also – Re Pauling’s Settlement Trusts (No.1) CA 29-May-1963
Property had been placed in trust for the daughter of the family, fearing that she might fritter it away. The trust was managed by the bank. The judge had found that, having misunderstood the powers of advancement given, the bank was liable to repay . .
Cited by:
Cited – X v A, B, C ChD 29-Mar-2000
Trustees sought guidance from the court as to investment in land which might become a liability because of clean up costs associated with the Act when it came into force. Would the trustees have a lien over other property of the deceased to pay the . .
Lists of cited by and citing cases may be incomplete.
Trusts
Updated: 29 April 2022; Ref: scu.182770
