Incoming trusts seek sunny relief in Bermuda: modern law provisions open up options to foreign law trusts

Abstract Alec R. Anderson considers an interesting trend in Bermuda Court applications involving the importation of foreign law trusts to Bermuda, where trustees have sought specialized forms of trust variation pursuant to section 47 of the Trustee Act 1975 and perpetuity extensions under the Perpet...

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Bibliographic Details
Published in:Trusts & trustees 2017-12, Vol.23 (10), p.983-989
Main Author: Anderson, Alec R
Format: Article
Language:English
Subjects:
Laws, regulations and rules
Remedies
Trusts
Trusts (Law)
Online Access:Get full text
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Summary:Abstract Alec R. Anderson considers an interesting trend in Bermuda Court applications involving the importation of foreign law trusts to Bermuda, where trustees have sought specialized forms of trust variation pursuant to section 47 of the Trustee Act 1975 and perpetuity extensions under the Perpetuities and Accumulations Act 2009, as amended in 2015. He reflects on issues raised by recent cases involving the interaction of restrictive Bermuda law provisions upon a change of governing law to Bermuda, even where such laws may deviate from what is permitted under the original foreign governing law. The discussion outlines why foreign trusts seek to move to Bermuda and take advantage of Bermuda’s modern trust legislation and the pro-business, pragmatic attitude of the court when dealing with sensible trust restructuring.
ISSN:1363-1780
1752-2110
DOI:10.1093/tandt/ttx157