Deed meaning

When appointing and removing pension trustees: Make sure the authority to appoint or dismiss trustees is always exercised solely for a legitimate and proper purpose. Carefully review the trust deed and rules, confirming that every appointment, removal or retirement of a trustee is carried out strictly in line with those documents. Where a company serves as sole trustee, refer to the company’s articles and ensure directors are appointed, removed or retire strictly in accordance with those provisions. Identify whether any restrictions apply to the appointment or removal of trustees—for example, a minimum or maximum number—and make certain the proposed action does not contravene any such restrictions...

General partners Does the limited partnership agreement permit the appointment of a new general partner? If so, what steps must be followed? If not, which additional documents are needed (for example, a deed of variation)? Will the current general partner step down or be removed from office? Please state the name and address of the incoming general partner...

This Checklist highlights principal actions and considerations for a tenant weighing up surrendering its lease to its landlord. It is not comprehensive, and you should always assess whether further matters arise that require attention in your specific situation, including any fact-specific risks or obligations. This guidance proceeds on the basis that the following apply: the surrender is by express agreement and not effected by operation of law, and no immediate re-grant in favour of the tenant will follow the surrender You can read this Checklist alongside Practice Note: Lease surrenders and Checklist Surrender of lease—acting for the landlord—checklist. How to use this Checklist Although the mechanics of a lease surrender broadly resemble a sale and purchase in commercial terms (the tenant effectively sells and the landlord buys), notable distinctions remain. The opening section (Key issues) identifies the main points for review, with additional explanation provided in the Procedure table below for handling a lease surrender, in more detail for...

Representation of Zedra Trust Company (Suisse) SA re C and D Trusts [2023] JRC 213 What are the practical implications of this case Although resolved on its own facts, the court offered broadly useful guidance for trustees managing dynastic trusts intended to support multiple generations. As a family’s philosophy evolves, trustees should assess whether the trust still embodies that shift and, if not, consider whether substantive modifications are required. The ruling will interest practitioners as it confronts public policy and human rights considerations within the framework of trust deed provisions and settlors’ expressed wishes. It underlines that letters of wishes are not binding on trustees, and certainly not on the court, and demonstrates judicial backing for a trustee departing from a settlor’s clear wishes to prevent family discord, here arising from the exclusion of the female line from benefitting from the Trusts. In short, the decision encourages trustees of long‑running family trusts to think carefully about alignment with changing family...

Banking & Finance—October 2024 case round-up Brierley v Otuo and others [2024] EWHC 2549 (Ch) — Security: cost recovery on legal mortgages The court refused the mortgagee’s appeal against a 28 July 2023 order that barred recovery of sale and enforcement costs on specified properties. The decision followed the established rule on legal mortgages set out in Fisher & Lightwood’s Law of Mortgage (paragraph 55.6). Put simply, unless the mortgage contains an express term, there is no implied duty on the mortgagor to pay the mortgagee’s costs, charges and expenses, so they cannot be recovered from the mortgagor personally, save where personal liability has arisen in the particular case. Nevertheless, those costs are rolled into the secured indebtedness and, as against the mortgagor and anyone with an interest in the equity of redemption, they are treated as part of the amount owing under the security and must be satisfied as a condition of redemption......

See Q&A A client has been given money by his aunt as a gift. His brother has been given an identical sum. The brothers have decided to reserve the money for her care should it be needed, and they have prepared a Deed to record that understanding. Do the provisions of the Deed take precedence over their Wills (which leave their respective estates to their wives)?...

Context Jurisdiction clauses frequently appear in commercial contracts and are typically framed as either: Exclusive jurisdiction clauses (see Practice Note:Jurisdiction agreements—exclusive jurisdiction agreements) Non-exclusive jurisdiction clauses (see Practice Note: Jurisdiction agreements—non-exclusive jurisdiction agreements) Where parties have chosen an exclusive jurisdiction term, the default position is that the English court will ordinarily ‘exercise its discretion… to secure compliance with the contractual bargain’. Such provisions now appear ever more often in trust instruments. Nevertheless, several questions arise concerning: the drafting of such clauses the areas to be covered by such clauses the interpretation and effects of such clauses Two examples of jurisdiction clauses As presently encountered, trust jurisdiction provisions create a series of connected issues, including how they are drafted, what they should cover, and how they are interpreted and what they achieve. Before considering their operation, it is useful to look at a couple of typical illustrations: a Jersey law...

This Practice Note sets out the principal steps for properly bringing to an end a defined contribution (DC) occupational pension scheme—also described as a money purchase occupational pension arrangement or a trust-based defined contribution plan. Throughout this Practice Note, this type of arrangement is termed a ‘DC scheme’. The guidance applies across a range of DC schemes, including trusts that sit outside the authorised master trust framework and small self-administered pension schemes (SSASs), although the latter may, in certain cases, be excluded from particular statutory obligations or requirements. This Practice Note does not cover the winding-up of any: an ‘authorised master trust’ under the Pension Schemes Act 2017 (PSA 2017)—for further detailed information, please see Practice Note: The authorisation and supervisory regime for master trusts, contract-based DC arrangements (eg group personal pension arrangements)—for further details and guidance, see Practice Note: Winding up of personal pension schemes Statute makes distinct and specific provision for hybrid schemes (combining defined benefit (DB) and DC...

When considering entry into a joint venture, participants should carefully scrutinise the identity of the other intended parties and the experience and resources they expect to bring to the venture. They are, therefore, likely to want to ensure those parties remain engaged in the joint venture (at least for a pre‑agreed period of time) and to retain controls over to whom they may transfer their shares. The nature of any share transfer constraints adopted will also depend on, among other things, the anticipated duration of the joint venture, how the parties propose to realise their investments, the cash‑flow and fundraising requirements of the parties, and any share transfer restrictions contained in other transaction documents, e.g. financing documents. Restrictions on transfer For these reasons, most joint venture agreements (JVA) (also known as shareholders’ agreements) and/or the articles of association will include a series of restrictions governing the transfer of shares by the joint venture parties...

This deed is dated the [ INSERT DAY ] of [ INSERT MONTH AND YEAR ]. Parties The persons whose particulars are set out in the Schedule (the Indemnifiers); and [ Insert names of the Joint Liquidators ] of [ insert name and address of the Joint Liquidators’ firm ] (the Joint Liquidators) BACKGROUND [ Insert name of the company ] (the Company) was incorporated in England and Wales under company number [ insert number ]. [ Insert names of the joint liquidators ] are to be appointed as Joint Liquidators of the Company (the Appointment) by the members via written resolution. In consideration of the Joint Liquidators accepting the Appointment, the Indemnifiers agree to indemnify the Joint Liquidators, together with the members and employees of the Joint Liquidators’ firm, in the manner set out herein...

This Deed is executed on [ date ] Parties 1 [ insert name ] of [ insert address ] together with [ insert name ] of [ insert address ] (the Trustees ) and 2 [ insert name ] of [ insert address ] (the Appointor ) Background (A) This Deed supplements: (i) a trust (the Trust ) dated [ insert date ] and constituted by [ insert name ] and [ insert name ] and [ insert name ] (the Trust Deed ) and (ii) those deeds and events set out in [ the ] the Schedule. (B) The Trustees are currently the trustees of the Trust. (C) The Appointor is the present Appointor of the Trust...

This TRUST is dated [ date ] Parties [ name ] of [ address ], represented by [ name ] of [ address ] (the Litigation Friend) [ name ] of [ address ] and [ name ] of [ address ] (the Original Trustees) Background The Trust is named [ insert name ] (the Trust). The Trust is created to accept the compensation payable for a personal injury to [ insert name ] (the Beneficiary), who lacks capacity to manage their property and financial affairs under the Mental Capacity Act 2005. Following the personal injury, legal proceedings [ under Claim Number [ insert number ] ] were commenced and an order for payment of compensation was made on [ date to be completed once order is made ]...

Section 38 agreements These agreements fall under section 38 of the Highways Act 1980; refer to Practice Note: Highways—adoption agreements. There is no statutory route by which agreements can be ended or ‘cancelled’. However, a section 38 agreement may, in principle, be altered by a deed of variation, but this requires consent of all parties to the original agreement...

When a baby is born, the birth must be registered, and the surname entered at that time is intended to be the name by which the child is known. If a parent later wishes to change the child’s surname, they should first consult any other person who holds parental responsibility before any step is taken. This applies irrespective of the existence of a child arrangements order, and regardless of whether that person has contact with the child (Re PC (Change of Surname)). Where there is disagreement, the matter must be placed before the court for a determination. A contested change of surname must not be made unilaterally (Dawson v Wearmouth). Altering a name is a significant matter and should not be approached lightly. In deciding whether to grant leave, the court is guided by the welfare principle in section 1(1) of the Children Act 1989 (ChA 1989), and will act accordingly...

Sale by PRs or appropriation to beneficiaries We understand you are asking when it is better for the personal representatives (PRs) to dispose of an estate property, or instead to appropriate it to the beneficiaries so that they handle the sale themselves. This choice typically arises where: the beneficiary(ies) has/have part or all of their capital gains tax (CGT) annual exemption available the beneficiary(ies) will pay CGT at 18% on any part of a gain the beneficiary(ies) has/have losses available to offset against any gain the sale will make a loss and the PRs will not be making any further disposals that may produce gains to utilise the loss A death is not usually a chargeable occasion for CGT. For these purposes the PRs are treated as acquiring the assets at market value on the date of death; effectively, all prior accrued gains are eliminated and the PRs start again with a clean slate...