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- W1971291561 abstract "In Bermuda the trustees of Bermudian settlement had negotiated an arrangement with a corporate trustee and its parent company, a bank. The arrangement was that an annual fee would be paid out of the settlement in respect of the trustee's professional costs. The relationship deteriorated. The bank then debited an amount equal to 40 times the agreed fee and charged a withdrawal fee when the trustees terminated the relationship. The bank's mandate provides that sums could only be debited to the trust account with the signed consent of a member of the beneficiary family. There had been no such signature. The bank argued that it could deduct the sum by virtue of its agreement with the trustees which provided that it could charge in accordance with its published scale fees. The bank also claimed exclusion of liability under a clause in the trust deed. The Supreme Court declared that it would make no sense for the trustee to have negotiated a fee with the bank only for the bank to be allowed to charge far in excess of that amount in reliance on its published scale fees. Central London property Trust v High Trees House Ltd [1947] K.B. 130 applied. A well-known case on equitable estoppel." @default.
- W1971291561 created "2016-06-24" @default.
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- W1971291561 date "2007-04-09" @default.
- W1971291561 modified "2023-09-25" @default.
- W1971291561 title "Unauthorized deduction of trust fees: MacKie v BCB Trust Co Ltd [2006] W.T.L.R. 1253" @default.
- W1971291561 doi "https://doi.org/10.1093/tandt/ttm004" @default.
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