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Andrew Willetts writes on contentious trusts and estates for the November issue of STEP Journal

1st November 2016

Andrew Willetts considers the recent decision of the UK Supreme Court in BNY Mellon Corporate Trustee Services Ltd v Lloyds Banking Group Capital No 1 Plc [2016] UKSC 29 and its implications for interpreting trust instruments in the November issue of the STEP Journal. In BNY Mellon the Supreme Court had to determine the meaning of a clause contained in a trust deed and whether on a true interpretation it would allow Lloyds Banking Group to force an early redemption of long term securities against the wishes of the bondholders and their corporate trustees. The significance of BNY Mellon is that it provides further guidance for practitioners on how to approach the interpretation of disputed provisions in trust instruments and supplements previous guidance in Investors Compensation Scheme v West Bromwich Building Society [1998] 1 WLR 896 and Chartbrook v Persimmon Homes [2009] UKHL 38."

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