A Practical Guide to the Transfer of Trusteeships

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.

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 7The HonourableMr Justice David HaytonTable of legislation 9Cases 13STEP 151. Introduction 17Richard WilliamsQueensland Bar2. English law trusts 212.1 Statutory and express powers of retirement, removal and appointment 212.2 Trustees’ lien 29Nicholas Le Poidevin QCNew Square Chambers2.3 Indemnities 35Arabella MurphyMaurice Turnor Gardner LLP2.4 Inspection and transfer of trust documents 43Toby GrahamFarrer & CoRichard WilliamsQueensland Bar2.5 Contentious cases 51Toby GrahamFarrer & Co2.6 Trustee indemnity insurance 55Toby GrahamFarrer & Co3. Bahamian law trusts 61Theo BurrowsHiggs & Johnson4. Bermuda law trusts 71Craig MacIntyreAlec AndersonConyers Dill & Pearman5. British Virgin Islands law trusts 79Christopher McKenzieO’Neal Webster (UK) LLP6. Cayman Islands law trusts 87Tony PursallMourant Ozannes7. Guernsey law trusts 97Alison MacKrillAppleby (Guernsey) LLP8. Hong Kong law trusts 107Richard NorridgeJoanna CaenHerbert Smith Freehills9. Isle of Man law trusts 123John RimmerAdvocate John Rimmer10. Jersey law trusts 127Steve MeiklejohnOgier11. New Zealand law trusts 137John HartBarrister and Notary12. Singapore law trusts 149Yee Hoong ChuaWithers KhattarWong13. United States trusts 159G Warren WhitakerDay Pitney LLP14. Commentary on the model precedents 171Richard WilliamsQueensland BarCharles PitterKleinwort HambrosHelen RatcliffeJudith MorrisBircham Dyson Bell LLP14.1 Format of the precedents and general comment 17114.2 Overall approach to indemnities 17414.3 Use of the precedents 17514.4 Drafting comments on the precedents 17614.5 Adapting the offshore precedents to suit other cases 195Appendices 197Precedents for the transfer of trusteeshipsAppendix A 197English law precedentsHelen RatcliffeBircham Dyson Bell LLPAppendix B 243Bahamian law precedentsTheo BurrowsHiggs & JohnsonAppendix C 255Bermuda law precedentsCraig MacIntyreAlec AndersonConyers Dill & PearmanAppendix D 281British Virgin Islands law precedentsChristopher McKenzieO’Neal Webster (UK) LLPAppendix E 293Cayman Islands law precedentsTony PursallMourant OzannesAppendix F 319Guernsey law precedentsAlison MacKrillAppleby (Guernsey) LLPAppendix G 345Hong Kong law precedentsRichard NorridgeJoanna CaenHerbert Smith FreehillsAppendix H 357Isle of Man law precedentsJohn RimmerAdvocate John RimmerAppendix I 383Jersey law precedentsSteve MeiklejohnOgierAppendix J 403New Zealand precedentsJohn HartBarrister and NotaryAppendix K 429Singapore law precedentsYee Hoong ChuaWithers KhattarWongAbout the authors 441