Cayman Islands Implements New Trust Legislation Effectively Overruling UK Common Law Cases

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The Cayman Islands’ amended legislation dealing with general trust provisions and precedents recently took effect last week on June 14th 2019. The new laws effectively codify in statute the Hastings-Bass principle on relief for trustees’ mistakes; which controversially nullifies the UK Supreme Court’s ruling in the landmark cases: Pitt v Holt and Futter v Futter.