By Gilbert Kodilinye
This booklet examines the proper Caribbean laws and case legislation including the final ideas of trusts legislations as utilized within the English courts and different Commonwealth jurisdictions.
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Additional resources for Commonwealth Caribbean Trusts Law 2nd edition
The Privy Council held that since R was in a fiduciary 9 10 (1890) 45 Ch D 1.  AC 324. 6 Chapter 1: Development and Nature of Trusts position, the bribe and the property purchased with it were held by him on a constructive trust for the government; and as the land purchased with the bribe money had decreased in value since the date of the purchase, R was liable to account for the difference between the amount of the bribe and the current value of the property. Lord Templeman, delivering the judgment of the Privy Council, said:11 The decision in Lister and Co v Stubbs is not consistent with the principles that a fiduciary must not be allowed to benefit from his own breach of duty, that the fiduciary should account for the bribe as soon as he receives it, and that equity regards as done that which ought to be done.
The company was in financial difficulties and, in order to protect its customers from losing their money in the event of its insolvency, it opened a separate bank account, called ‘Customers’ Trust Deposit Account’ into which it paid the purchase money. When the company subsequently went into liquidation, it was held that the money was held upon trust for the customers and was not available for the company’s general creditors. The reasoning in the case was that the company had created a trust by opening the special account before receiving the customers’ money, thus converting the relationship from one of debt to one founded on trust.
13 Commonwealth Caribbean Trusts Law Razor held the money on a resulting trust for Quistclose. The fact that the money had been advanced by way of loan did not preclude the simultaneous imposition of a trust, and Barclays, having had notice of the trust, could not retain the money as against Quistclose. 23 In this case, the Bank operated a business of accepting funds from clients for investment, the relationship between the Bank and its clients being governed by an ‘investment management agreement’.
Commonwealth Caribbean Trusts Law 2nd edition by Gilbert Kodilinye