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

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.