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Trusts (Jersey) Law 1984 consultation paper seeking input on proposals to make amendments.

11/07/2024

On 8 July 2024, the Government of Jersey published a consultation paper seeking input on proposals to amend the Trusts (Jersey) Law 1984 (TJL84).

Responses should be submitted no later than Friday 16 August 2024.

The consultation

  • Considers proposals for amendments to the Trusts (Jersey) Law 1984 arising from recent court decisions.
  • Follows discussions with the Trust Law Working Group, a group of Jersey trust law practitioners the consultation paper was prepared.

Consultation Paper: Amendments to the Trusts (Jersey) Law 1984

​ This paper should be read in conjunction with the Trusts (Jersey) Law 1984 [TJL84] and references a variety of other documents, links to which appear in the above document as appropriate.

There are 5 areas for consultation:

  1. ​Confirmation of the priority of claims between a former and current trustee and a secured lender given the recent case on ‘insolvent trusts’ (Re Z)
  2. The ability of beneficiaries to call for the termination or variation of a trust pursuant to either Article 43 of the TJL84 and/or the rule in Saunders v Vautier.
  3. Clarifying the position where a sole trustee purports to resign.
  4. Minor corrections in relation to Articles 24, 43, and 55
  5. The concept of a ‘data trust’

Summary on the 5 areas:-

  1. Clarification on the ranking of secured creditors over trustee’s and former trustee’s liens is proposed.
  2. Where there is a power add beneficiaries to a discretionary trust, it is proposed that the beneficiaries should not be able to terminate the trust.
  3. Where beneficiaries do have the power to terminate, that may be extended to a statutory power vary.
  4. It is proposed to make it clear that a sole trustee cannot resign even if the trust terms say they can.
  5. There’s some discussion about data trusts, but no proposals.

Sources

JERSEYGOV

Mourant briefing:-

Edward Devenport – Mourant - Partner | Jersey

JERSEY

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.