Armitage v Nurse & Others

Pages272-275
Published date01 March 1997
DOIhttps://doi.org/10.1108/eb024937
Date01 March 1997
AuthorHirst LJ,Millett LJ,Hutchison LJ,Joanna Gray
Subject MatterAccounting & finance
Journal of Financial Regulation and Compliance Volume 5 Number 3
Negligence, fraud and breach
of
trust:
validity
of
trustee exemption clauses
Armitage
v
Nurse
&
Others
Court
of
Appeal: Hirst LJ, Millett LJ and Hutchison
LJ
Date
of
judgment: 19th March, 1997
Reported
at:
Times
Law
Reports March 1997
FACTS
The Appellant
in
this case, referred
to
throughout
the
Court
of
Appeal's judg-
ment
as
'Paula',
was the
principal benefi-
ciary under
a
settlement which contained
a
trustee exemption clause
in the
following
terms:
'No trustee shall
be
liable
for any
loss
or
damage which
may
happen
to
Paula's
fund
or any
part thereof
or the
income
thereof
at any
time
or
from
any
cause
whatsoever unless such loss
or
damage
shall
be
caused
by
his own actual fraud'.
The settlement
had
been made
in
1984
as a
consequence
of an
application
to
court
under
the
Variation
of
Trusts
Act 1958
made
by the
trustees
of
Paula's grand-
father's marriage settlement. Under that
Journal
of
Financial Regulation
and Compliance, Vol.
5,
No.
3,
1997, pp. 270-272
© Henry Stewart Publications,
1358-1968
Page272

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