October 4 2017
START DATE
END DATE
October 13 2017
MERITUS TRUST COMPANY LIMITED v. BUTTERFIELD TRUST (BERMUDA) LIMITED
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
CIVIL JURISDICTION
IAN RC KAWALEY CJ
Elspeth Talbot-Rice QC Fozeia Rana-Fahy (MJM Limited)
Nicholas Le Poidevin QC Jessica Almeida (Appleby (Bermuda) Limited)
FACTS OF THE CASE:
Butterfield claimed a right to retain trust assets for indemnity against liabilities estimated at $5 million while Meritus contended a generous estimate would be $750000 without clear evidence for $5 million. Butterfield also asserted entitlement to a contractual indemnity especially for the M Trust which Meritus refuted. The court found Butterfield had no right to retain any trust assets as security for its equitable indemnity as a former Trustee nor to an equitable contractual indemnity
SUMMARY:
Defendant
OUTCOMES:
RULED IN FAVOUR OF:
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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MERITUS TRUST COMPANY LIMITED v. BUTTERFIELD TRUST (BERMUDA) LIMITED
Butterfield claimed a right to retain trust assets for indemnity against liabilities estimated at $5 million while Meritus contended a generous estimate would be $750000 without clear evidence for $5 million. Butterfield also asserted entitlement to a contractual indemnity especially for the M Trust which Meritus refuted. The court found Butterfield had no right to retain any trust assets as security for its equitable indemnity as a former Trustee nor to an equitable contractual indemnity