By Gilbert Kodilinye
This publication examines the correct Caribbean laws and case legislations including the overall ideas of trusts legislations as utilized within the English courts and different Commonwealth jurisdictions.
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Extra resources for Commonwealth Caribbean Trusts Law 2nd edition
Not only does the foregoing passage clearly reflect the settled principle of law that a stranger to a contract cannot sue upon the contract even though it was made for that person’s benefit, it also reveals the background to, and the effect of, the named beneficiary appearing in the clauses of life insurance policies issued by North American companies. Thus in the absence of an appropriately worded statutory provision in the legislation of states of the Commonwealth Caribbean, it would appear that a named beneficiary, as in the instant case, must establish that the language adopted by the policy document in relation to its beneficiary designation clause is so structured as to lead a court of equity on a true construction of that language to the conclusion that a trust was created.
The trust money has become that bank’s property to use in any manner that it thinks fit. Co-existence of debt and trust It is possible for a debt and a trust to co-exist, as is illustrated by Barclays Bank Ltd v Quistclose Investments Ltd. In this case, Rolls Razor Co, which had a large overdraft at Barclays Bank, borrowed £209,719 from Quistclose to pay dividends declared on its (Rolls Razor’s) shares. It was arranged between Rolls Razor and Quistclose that the loan was to be used only for the purpose of paying the dividends.
If the deed of settlement empowered the bank to deposit the trust fund with itself, the new trustee could not recover it in preference to other unsecured creditors. If it did not, the new trustee could recover the fund. It was held that the deed of settlement did confer such a power, and the new trustee was not entitled to recover the fund in preference to the bank’s other creditors. Hull J referred to the judgment of Lord Templeman in Space Investments Ltd v Canadian Imperial Bank of Commerce Trust Co (Bahamas) Ltd21 in which his Lordship had pointed out that beneficiaries are not protected against the consequences of the exercise in good faith of powers conferred by the trust instrument.