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Cases :

BROOKS, IN RE[1998] WL35018
- This is a strong decision by an American judge who is to have no truck with offshore “asset protection” trusts. An important decision for practitioners in this field – and see Duttle v. Bandler & Kass (infra). BROOKS, IN REDownload
BROWNING v. FIDELITY TRUST COMPANY(Bankr.D.Comn.)
- The defendant was a trustee under a mortgage securing bonds. This is an old case. An officer of the trust company released some land in ignorance of a default by the mortgagor. This was negligence on the part of the company. But the case draws a distinction between mere negligence and negligence with bad faith, and is authority for the proposition that a trustee cannot contract out of liability for the latter. BROWNING v. FIDELITY TRUST COMPANYDownload
DUTTLE v BANDLER & KASS250 F 321 (3rd Cir 1918)
- Here is the Court having no patience with a judgement debtor’s attempt to hide his assets in an offshore trust. A case which perhaps deserves some attention for its indication of way the wind is blowing.The colourful background to the case emerges from the same Judge’s decision, earlier on the same day, (In re Werner 91 CIV 6868), which is appended to the report.DUTTLE v BANDLER & KASSDownload
ESTATE OF PRICE, Re[1992] 82 Cir. 5084 (KMW)
- The case illustrates the familiar doctrine that undue influence requires a confidential relationship and the less familiar doctrine that a romantic link is a material factor in determining the existence of a partnership. ESTATE OF PRICE, ReDownload
FTC v AFFORDABLE MEDIA AND OTHERSE 2007-00523-COA-R3-CV
- This is the “Anderson” case. Before embarking on a fraudulent tele-marketing scheme, the Andersons established an asset protection trust in the Cook Islands, of which they were trustees and protectors and AsiaCiti Trust Limited was the co-trustee. Gullible investors parted with some $13m, against promises of astronomical returns. When the scheme collapsed, the Federal Trade Commission (“FTC”) brought proceedings. The Court ordered the Andersons to repatriate their assets to the United States; the Andersons resigned as trustees, and said they had no power to do so. They got no sympathy from the Court of Appeals.FTC v AFFORDABLE MEDIA AND OTHERSDownload
LAWRENCE, RE2 ITELR 73
- A year before delivering this judgment, Judge Jay Cristol spoke to the ITPA at its meeting in Charleston, South Carolina. He expressed a severe lack of patience with settlors who create asset protection trusts whose assets they cannot reach – a warning exemplified in this judgment. Affirmed by the Court of Appeals. LAWRENCE, REDownload
LUND v CIR[2002-2] US Tax Cases No 11 1967
- Another – and extreme – sham trust case.LUND v CIRDownload
PORTNOY, IN REP50, 507
- A hopeless case. Mr. Portnoy was trying to conceal his assets from a major creditor, and the Court was never going to help him to do so. PORTNOY, IN REDownload
THE TRIMBLE TRUST201 BR 685
- The trustee of a revocable trust saves duties only to the settlor. THE TRIMBLE TRUSTDownload
VOLK v GOESER
- Constructive trust for child by reason of unjust enrichment of aunt. VOLK v GOESERDownload
WILL TRUST OF JAMES WILLIAMS (DECD). RE2 ITELR 313
- Another case on exculpatory clauses. Such a clause is not contrary to public policy in the United States, but here is the Court taking a more restrictive approach to such a provision than might be expected from Courts whose law is more directly derived from that of England. WILL TRUST OF JAMES WILLIAMS (DECD). REDownload