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Leaver’s rights

What protection is available for an outgoing trustee under Jersey law, asks Josephine Howe

30 September 2015

As a matter of Jersey law, where a trustee retires or is removed it is entitled to be provided with reasonable security for liabilities before surrendering the trust property. As there is no statutory lien under Jersey law the provision of a contractual indemnity to an outgoing trustee as security for its proper liabilities is standard practice.

Here we'll look at what level of indemnity is generally acceptable in negotiations between an outgoing and incoming trustee and will consider recent developments in the Royal Court of Jersey in relation to the concept of a non-possessory lien.

Why is an indemnity necessary?

Where a trustee retires or otherwise relinquishes control over the assets of a trust, it faces the prospect of continuing personal exposure to liabilities arising in connection with the trust, without direct acc...

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