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Ppi monies

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  • Ppi monies

    Hi
    anyone know legal position. Here. A former trustee in Scotland keeping Ppi monies that came to light 10years after a trust deed lord reed ruled in court on 31 October Ppi monies belong to former debtor. Now seems former trustees looking for a back door to keep monies
    Tags: None

  • #2
    Hiya, are they relying on the post script of the Mond judgment and looking to reopen and claim 'mistake' ?


    This judgment - https://www.supremecourt.uk/cases/uksc-2016-0218.html


    post script


    Postscript

    22. This is scarcely a satisfactory outcome. An asset which vested in the trustee for the benefit of the creditors and ought to have been applied to payment of the debts due to them, will instead be paid to the debtor, merely because the trust was administered in ignorance of its existence. One might question whether the law is powerless to provide a remedy in this situation.

    23. Prior to the hearing of the appeal, the court informed the parties that it would be assisted by discussion of the legal consequences of a mistake in this context: in particular, whether the relevant acts of the trustee might be reduced if they were the result of an error as to the extent of the trust estate. In posing that question, the court had it in mind that on the construction of the trust deed which it has now upheld, the acceding creditors effectively conferred on the trustee a power to extinguish their rights as against the debtor by determining that a dividend should be a final distribution; and that the determination in the present case had been made in ignorance of a relevant - indeed, critical - consideration. It also had it in mind that reduction is a discretionary remedy, which may be granted on terms, or withheld, where that is appropriate to protect the rights of third parties. The court drew the attention of the parties to the Scottish Law Commission Discussion Paper on Supplementary and Miscellaneous Issues relating to Trust Law (2011) (No 148, [2011] SLC 148 (DP) ), Chapter 14, “ Error and other defects in trustees’ exercise of discretionary powers”, and the Scottish Law Commission Report on Trust Law (2014) (Scot Law Com No 239, [2014] SLC 239 ), Chapter 19, “Defects in the exercise of trustees’ powers”, where relevant authorities are discussed. Those authorities include the decisions of the House of Lords in Dundee General Hospitals Board of Management v Bell’s Trustees 1952 SC (HL) 78; [1952] 1 All ER 896 and Hunter v Bradford Property Trust Ltd 1970 SLT 173, to which one might add the case of Whyte v Knox (1858) 20 D 970. In the event, the parties declined to make submissions on these matters. In those circumstances, it would be inappropriate for the court to consider them further on this occasion.



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    • #3
      Ok so basically they won’t be returning monies they been holding. Till mond result. And instead holding it for another few years till they can re open trust deeds ?

      Comment

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