Recent Trust Cases from the BVI Courts: Lessons for Trustees and Advisers
The BVI courts have tackled a number of trust disputes over the last couple of years, addressing a number of important issues, some of which have not been the subject of previous decisions. These issues include:
(a) Whether common form powers of appointment can be used to exclude beneficiaries.
(b) The extent of the trustee's duties on the delegation of investment management.
(c) Whether anti-Bartlett clauses are effective.
(d) The scope of indemnity and exoneration clauses.
(e) The interpretation of a trust deed with apparently contradictory beneficial provisions.
This update contains on overview of the following cases:
(1) The New Huerto Trust1
(2) Appleby Corporate Services (BVI) Limited v Citco Trustees (BVI) Limited2
(3) Equity Trustee Limited v Yang Hsueh Chi Serena & Others3
1 (BVIHC 112/2013, 8 November 2013)
2 (BVIHC 156/2011, 20 January 2014)
3 (BVI HC 0072 of 2011, 9 June 2013)