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The Bermuda Government recently approved an amendment to Bermuda’s trust legislation giving the court a new statutory jurisdiction to remedy the negative effects or consequences of acts or omissions made by settlors, trustees or other fiduciaries, otherwise known as the ‘Rule in Hastings-Bass’.
Operative on the 29 July 2014, the Trustee Amendment Act, 2014 (“TAA”) expressly recognises the availability of the rule in Hastings-Bass as it was understood and applied in England (and other common law jurisdictions) prior to 2011 (the “traditional Hastings-Bass rule”). The TAA, which has retroactive application, amends the Trustee Act, 1975 (the “TA”) in order to place the traditional Hastings-Bass rule on a statutory footing in Bermuda law.
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Statutory Hastings-Bass Enacted in Bermuda