Sarah Cormack provides a view of some of the consequences for trustees if they become involved in the `trusteeship` of shams (taken from Isssue No 13 – October 2000)
Philip Laidlow’s article published in the July issue of the TACT Review deals in some detail with the circumstances in which a trust instrument may be found to be a sham.
In this article I consider the implications of a finding of `sham` for the trustee of such an arrangement. In particular, I look at the actions which are likely to be brought against the trustees in an attempt to restore the `trust property` to its rightful owners and the consequential practical concerns for the trustees on the finding of sham such as the payment of fees and the availability of protection under exculpatory clauses contained in the sham instrument.
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The Trust Quarterly Review is published in partnership with STEP, it discusses matters of interest to trustees and executors with a focus on the particular interests of trust corporations in mind
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