A Practical Guide to the Transfer of Trusteeships

Third edition

Edited by Richard Williams, Arabella Murphy, Toby Graham

Publication date:

01 August 2017

Publisher

Globe Law and Business

ISBN-13: 9781787421165

This text, first published by STEP in 2007 and now in its third edition, reviews the difficulties that arise on the transfer of trusteeships, particularly in respect of the negotiation of indemnities, and sets out a suggested approach. It contains: •A core section dealing with trusts governed by English law; •Jurisdictional chapters, which explain the differences under local law for trusts governed by the laws of The Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Jersey, New Zealand and Singapore; •Precedent deeds of change of trustee for each of those jurisdictions; •A detailed drafting commentary; •A U.S. commentary which outlines general principles involved in the transfer of trusteeships of U.S. trusts and general tendencies among states, with a particular focus on the trusteeship laws of the State of New York; and •A table of references listing the statutes and cases, for ease of reference. The text is an essential reference work for any legal practitioners, trust company professionals and others involved in advising on the transfer of trusteeships.

Foreword to the 1st edition 7 The Honourable Mr Justice David Hayton Table of legislation 9 Cases 13 STEP 15 1. Introduction 17 Richard Williams Queensland Bar 2. English law trusts 21 2.1 Statutory and express powers of retirement, removal and appointment 21 2.2 Trustees’ lien 29 Nicholas Le Poidevin QC New Square Chambers 2.3 Indemnities 35 Arabella Murphy Maurice Turnor Gardner LLP 2.4 Inspection and transfer of trust documents 43 Toby Graham Farrer & Co Richard Williams Queensland Bar 2.5 Contentious cases 51 Toby Graham Farrer & Co 2.6 Trustee indemnity insurance 55 Toby Graham Farrer & Co 3. Bahamian law trusts 61 Theo Burrows Higgs & Johnson 4. Bermuda law trusts 71 Craig MacIntyre Alec Anderson Conyers Dill & Pearman 5. British Virgin Islands law trusts 79 Christopher McKenzie O’Neal Webster (UK) LLP 6. Cayman Islands law trusts 87 Tony Pursall Mourant Ozannes 7. Guernsey law trusts 97 Alison MacKrill Appleby (Guernsey) LLP 8. Hong Kong law trusts 107 Richard Norridge Joanna Caen Herbert Smith Freehills 9. Isle of Man law trusts 123 John Rimmer Advocate John Rimmer 10. Jersey law trusts 127 Steve Meiklejohn Ogier 11. New Zealand law trusts 137 John Hart Barrister and Notary 12. Singapore law trusts 149 Yee Hoong Chua Withers KhattarWong 13. United States trusts 159 G Warren Whitaker, Day Pitney LLP 14. Commentary on the model precedents 171 Richard Williams Queensland Bar Charles Pitter Kleinwort Hambros Helen Ratcliffe Judith Morris Bircham Dyson Bell LLP 14.1 Format of the precedents and general comment 171 14.2 Overall approach to indemnities 174 14.3 Use of the precedents 175 14.4 Drafting comments on the precedents 176 14.5 Adapting the offshore precedents to suit other cases 195 Appendices 197 Precedents for the transfer of trusteeships Appendix A 197 English law precedents Helen Ratcliffe Bircham Dyson Bell LLP Appendix B 243 Bahamian law precedents Theo Burrows Higgs & Johnson Appendix C 255 Bermuda law precedents Craig MacIntyre Alec Anderson Conyers Dill & Pearman Appendix D 281 British Virgin Islands law precedents Christopher McKenzie O’Neal Webster (UK) LLP Appendix E 293 Cayman Islands law precedents Tony Pursall Mourant Ozannes Appendix F 319 Guernsey law precedents Alison MacKrill Appleby (Guernsey) LLP Appendix G 345 Hong Kong law precedents Richard Norridge Joanna Caen Herbert Smith Freehills Appendix H 357 Isle of Man law precedents John Rimmer Advocate John Rimmer Appendix I 383 Jersey law precedents Steve Meiklejohn Ogier Appendix J 403 New Zealand precedents John Hart Barrister and Notary Appendix K 429 Singapore law precedents Yee Hoong Chua Withers KhattarWong About the authors 441

Each chapter is tersely written, to get to the nub of the issues and the book includes chapters devoted to practice in various non-Australian jurisdictions including England...