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Industry Updates

The Privy Council's Decision in TMSF v Merrill Lynch Bank and Trust Company (Cayman) Ltd: A New Means to Enforce Judgment Debts Against Trust Assets

08 Dec 2011

In the recent judgment of TMSF v Merrill Lynch Bank and Trust Company (Cayman) Ltd the Privy Council held that the Cayman Islands Grand Court had jurisdiction to appoint a receiver by way of equitable execution over the power of revocation in a Cayman Islands trust. The case represents an advancement of the rights of creditors of settlors to enforce their judgment debts against assets settled by the settlor on revocable trusts.