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This book, first published in 2007, reviews the difficulties that arise on the transfer of trusteeships, particularly in respect of the negotiation of indemnities, and sets out a suggested approach for STEP members and other advisers.
The core section deals with trusts governed by English law, and jurisdictional chapters explain the differences under local law for trusts governed by the laws of The Bahamas, the British Virgin Islands, Bermuda, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Jersey, New Zealand and Singapore.
The U.S. commentary discusses general principles involved in the transfer of trusteeships of U.S. trusts, describing general tendencies among states, with a particular focus on the trusteeship laws of the State of New York
This book continues to receive positive comment and a number of practitioners report that the material on indemnities in particular is regularly cited by trust companies and their advisers when negotiating deeds of retirement and appointment of trustees.
In this 2nd edition of the book, there have not been any changes to the approach taken to indemnities or to the structure of the precedents. The materials on New Zealand law trusts and United States trusts, previously published as separate supplements to the 1st edition, are now included.
The law is stated as at February 2011 and reflects in particular the changes effected under the Trusts (Guernsey) Law, 2007 including the the introduction of the statutory non-possessory lien in Guernsey. A table of references is now included, listing the statutes and cases for ease of reference.