Description
Note: this webinar is the second of a two-part series. You can save 10% by purchasing both webinars together.
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Explore the foundations of trustee indemnity and learn how rights can be preserved, compromised, or lost through action or inaction
“[There] are general principles only, not specific rules. Their application may turn on the circumstances in which the indemnity is invoked. It is important to bear in mind that a trustee’s indemnity has different aspects: reimbursement, exoneration, retention and realisation. A trustee who incurs a liability may discharge it out of his own pocket and then reimburse himself from the trust fund. Alternatively, he may discharge the liability by paying directly from the trust fund, so as to exonerate himself. A trustee may retain the trust fund until he has been indemnified for present liabilities and for contingent or future liabilities. A trustee may realise trust assets to meet his expenses and liabilities.
Hong v Kinnon [2025] NZCA 117 at [39]
This webinar is the second of two webinars considering trustee liability. Part 1 explored how liability arises. This part examines rights of indemnity and how these can be preserved or compromised.
HIGHLIGHTS
This webinar, which includes a comprehensive paper and concludes with a question-and-answer section canvasses:
- the evolution and development of trustee’s rights of indemnity
- equitable liens
- protections for outgoing trustees, and
- the recovery of trustee costs and expenses
WHY ATTEND
Trustee liability for which a trustee may be indemnified can arise in a myriad of circumstances. This webinar, which will discuss relevant case law and the Trusts Act 2019 will carefully consider the origins of trustee’s rights of indemnity; the different ways in which a trustee is indemnified and when an indemnity will be denied or compromised.
LEARNING OUTCOMES
Attendees will learn:
- differentiating between rights of indemnity, recoupment and exoneration
- the relevant provisions of the Trusts Act 2019
- the risks of partisan dealings, predetermination, hostile actions, and
- the parameters of properly incurred expenses in a trust context.
SUITED TO
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.
PRESENTER
Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited
Vicki is a director at Vicki Ammundsen Trust Law. Vicki's approach to trust law is practical but also grounded in a good understanding of trust law principles, related legislation, and case law. As the author of a number of texts including Taxation of Trusts, the Trustee's Handbook and Trustee Liability, Vicki is well placed to provide advice on all areas of trust law.
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