Protective provisions in trust deeds excluding trustee liability do not extend to conduct constituting fraud in equity, including the self-interested issue of units to companies associated with directors of the trustee. Where a trust deed prescribes a repurchase procedure requiring an independent valuer, a valuation that merely adopts figures from audited accounts without independent assessment does not constitute an effective determination under the deed. On a stay application, special circumstances exist where the orders are complex (including trustee removal and accounts), the result is mixed, the legal issues are finely balanced, and carrying orders into effect would frustrate a successful appeal.
The full text is available to signed-in members, including the 24 later cases that cite this judgment.
1 of the 24 citing cases carry a classified treatment. How each court treated it is available to signed-in members.