First Know the Law of the LandFirst Know the Law of the Land
Understanding the trust laws of different jurisdictions can give counsel a critical advantage in litigation. Case in point: Securities and Exchange Commission v. Franco,1 in which none of the parties seem to have understood an important aspect of the trust law of the isle of Jersey, and as a result neither the interests of the trust beneficiaries nor the U.S. Securities and Exchange Commission were
Ian A. Marsh, principal, and Michael Ben-Jacob, associate, Withers Bergman, LLP, New York, N.Y.
Understanding the trust laws of different jurisdictions can give counsel a critical advantage in litigation. Case in point: Securities and Exchange Commission v. Franco,1 in which none of the parties seem to have understood an important aspect of the trust law of the isle of Jersey, and as a result neither the interests of the trust beneficiaries nor the U.S. Securities and Exchange Commission were well-served.
In October of 1998, Ileana Ballesteros created a trust for the benefit of herself and her husband, Jorge, during their lifetimes and, after her death, for Jorge's benefit alone. She also executed a letter giving her husband authority to i...
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