“Given the clarity with which the Courts in Bermuda, Jersey and Cayman have treated the existence of such a rule, it may be thought that the matter has been decided and the ‘substratum rule’ dead. However, the eulogy for the rule may not yet be written as the Judicial Committee of the Privy Council (the Privy Council) recently heard an appeal of the Court of Appeal of Bermuda’s decision in Grand View between the 8th and 10th of March 2022 and has reserved judgment. It may well be that the Privy Council resurrects the rule in its full glory or in some diminished way. However, even if it does, it is arguable that, properly understood, the existence of the rule will not make any substantive difference to the way in which trustees view the exercise of their powers …”
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Christopher Levers and Jordan Constable, Does the substratum rule even matter?, Trusts and Trustees, https://doi.org/10.1093/tandt/ttac036. Published 26 May.
First posted 2022-05-31 11:00:28
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