Retirement and removal of trustees can often give rise to disputes, especially where there are fees owing or proceedings contemplated.
Typically, the deeds of retirement or removal will include clauses indemnifying departing trustees so that, provided the trust is solvent and they have not acted in a manner so as to void rights of indemnity, the process can be seemly, and risks managed. However, if a trustee opposes removal or liability arises following removal or retirement it is important to consider what protections are available.
A trustee’s equitable lien is a “device of equity granted to trustees by the Court to give them rights of indemnity and priority over the interest of beneficiaries.”
However, how and when a trustee’s lien can be exercised is not well understood.
Trustees and trust advisers alike need to understand equitable liens.
This webinar, which will conclude with a question and answer section, will consider the outcome of recent cases to demonstrate how equitable liens have come to be recognised and the practical issues they can present.
Topics covered will include:
Cases covered will include: Meritus Trust Company Limited v Butterfield Trust  SC (Bda) 82 Civ (13 October 2017); S and S Limited v XYZ Limited  NZHC 26; Lemery Holdings Pty Ltd v Reliance Financial Services Pty Ltd  NSWSC; Representation of Rawlinson & Hunter SA re Z Trusts 10-Sep-2018; Representation of Rawlinson & Hunter Trustees SA re Z Trusts  JRC 119; Emmott v Michael Wilson & Partners Limited  NZHC 3155; Intext Coatings Limited (in liq) v Deo  NZHC 2754; and Commissioner of Inland Revenue v Robertson  NZHC 31.
Acting as a trustee carries significant risks for professionals. Equitable liens, like other rights open to trustees when things become contentious, are an important component of the modern trustee’s toolkit
Attendees will learn:
15 November 2018
This webinar is targeted at practitioners at all levels but will be of particular benefit to practitioners who advise trustees or who are trustees or directors of trustee companies.
Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited
1.25 CPD Hours