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```html JURTOF THE CAYMAN ISLANDS INHEGRANDTOWN HOENATGEC1992 Cause No.225 In the of Mr.RobertW Mr.RamonAll Mr.Maierhofer Mr.McDonnell Mr.Jones gAftingC. AngusFoster forthePlaintiff fortheGuardianad fortheTrustee Q. C. litem Q. Q. In the Matter of the S.Trust ter，Q. att he JUDGMENT ben The es of the"S Trust"(as I shall call it in an fe empt to 02，and the anonymity of the Settlor and the ne ficiaries one poiven rise to a number of difficulties of ficiaries one poiven rise to a number of difficulties of destruction S app already made orders on one summons issued be benefici thi a cross-summons issued by the trustee. I am asked st d，the same beneficiary to make further orders cons stricted t way the tion of an originating summons filed on the ricted t way the tion of an originating summons filed on the ri June，man) L：rul amended on the 15th October，1992. The ndants ndants summons are the trustee and the infant tficers tficers al ear through their guardian ad litem. 24th three way ti The bttlor deed is dated the 18th January，1989，and on ig the same da in tettlor entered into a fee agreement with la ci trust(C ors， hevt d，which is named in the trust deed as the or inal trust of he Settlor was a 59 year old man in business nf in a substan ts. He had a wife who was over twenty years nf his junior aRGC children. All drafts of the trust deed were to prepared by c of Cititrust，its Swiss affiliate called tw Codas or，per case of the trust deed，by their Cayman re attorneys. dl a ere the subject of prolonged negotiation nd been the pr llk and a Mr. Whitehouse of Confidas. Both men lal ，account 1953) The Settlor was advised throughout by his on solic on solic t o，ut it is uncertain whether he received any Vi ce in re，J ce in re，J the fee agreement. The Settlor was to his we Se ti ay Lo can nd ad spit ```
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a) Any one by being a corporation shall be entitled to charge fees paid out of the Trust Fund and the income therefrom an engenderation in accordance with the scale of fees from time to time in force and agreed to the Settlor failing which in accordance with the terms hereof may without accounting for any result deced infit act as banker and perform any services on the Trust Estate (including without all company, partnership or other entity whose share interests are comprised directly or indirectly in the Trust Fund) and on the same terms as would a trustee; b) Any person other than being a lawyer, chartered accountant or other business shall be charged and be paid all usual professional and other fees for business transacted, time spent and acts for him or any partner of his in connection with the nature thereof including acts which a Trustee not being a lawyer, chartered accountant or business could have done. ```
```markdown # Fee Agreement ## Settling Trust (1) Cityflying Cayman Limited is prepared to act as Trustee and administer office facilities for its subsidiaries, ter's subsidiaries for a flat annual fee of US$9,000 per annum. The initial fee for setting up the trust will be US$9,000 to include setting up on its compliance to all of the underlying companies. (2) By way of memorandum it is noted that the companies to be custodial the trust currently comprise 6 Liberian ship owning companies owning four Cyprus boat-owning companies, one of which directly owns the shares of the Cyprus comparatrust one yacht owning company and one Liberian property trust company all of which are managed by the Settlem Trustee. (3) The trustee fee covers Cititrust's fees for preliminary discussions with the client and consultations with the client's lawyers. (4) Cititatemustill prepare annual unconsolidated accounts for the trust's affairs for the flat fee mentioned above. Howagaintair fee will only cover the following routines: a. remittance of the aforementioned accounts b. index of the annual corporate taxes against that fee element from the trust funds c. after tax review of the client both the latest financial statements and a confirmation of the Company's directors, etc. d. tinies toting the registered office facility for each of the underlying subsidiaries. The financial statements for each company will be prepared by the same body. (5) This arrangement will remain in force for a period of three years, and will be automatically renewed on that basis taking into account of the circumstances of the trust material for example the addition of further companies added to the trust although no reduction of further fee will take place below the presently agreed flat fee of US$9,000 per company based on 1988 fee rates adjusted for inflation. The trustees may also charge fees for work itemed over and above the tasks set out in the present paragraph. (6) The basis for agreeing and charging fees will be the duration of the Trust. The document signed by the Settlor and Mr. Whitehouse and dated. The original document the paragraphs were not. ```
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```html 5 l agreement, whether it be in wills, or commercial agreements, the application of such literally canons leads nowhere, the Seppa draftsman has used words entirely, his sentences border on the piquardling. It is then the duty of the court to give a reasonable interpretation to that language if it can be done without doing complete disentile the clause from doing otherwise than in the place, try to make sense of the clause. Paragraph the sa and (6) of the fee agreement contain no vision which accd be construed as limiting the agreement to duration of the Settlor's life. Paragraph (5) states cesslessly that the agreement will remain in force for three years and wicount th tomatically "renewed thereafter on a year by year" provount to be taken of inflation. Paragraph (6) provides thars to me basis for agreeing and charging fees will year-inue "du the ( duration of the Trust". "The same basis" year only megr. kesis as referred to in the earlier paragraphs prove agree ese pr ft nothing as: There iswhich o over three (5) take account of inflation, and on an ongoing is to takthe Set l of a material change in the amount of work to be under the trustee. There is nothing express or pro implied in ovisions to suggest that the fee agreement terminates death of the Settlor. Rather the express provisions in aphs (5) and (6) are to the contrary. gr n There is ing in the preceding paragraphs of the fee agreement from t ic can be implied that the express provisions paragraphs (5) and (6) fall on the Settlor's death. The reference to Settlor by name in paragraph (2) is merely to on as ta in the 2 ```
The document appears to be a legal or financial document, possibly related to a trust or fee agreement. Below is a transcription of the visible text, formatted using Markdown, HTML, and LaTeX as requested: ```markdown # Legal or Financial Document Transcription The document discusses the fee agreement and its components, including the Settlor, the client, and the trustee. It mentions the date of the fee agreement and the Settlor's responsibilities. The document also refers to the annual review of the client's information and the Settlor's duty to obtain certain information from the client. It states that the review was to include obtaining information from the client, but the review continued. The document also mentions the maintenance of the underlying subsidiaries and the preparation of financial statements for each company. It notes that the client cannot prepare the financial statements but does not affect the trustee's role in maintaining the registered office. The document concludes with a reference to the trustee's ability to charge for extra work for the client. ``` This transcription is based on the visible text in the image and does not include any invented content.
```html In my me nothing in these or any other of the prisons of Sett lmen agreement implies a termination of the fee agreement on comm lor's death. ge tsks us Cititrustpuld ha to look at the trust deed and fee agreement ti other and Cititi ove me find that there are two phases of the tr phase loncing on the 18th January， 1989 to continue un 1 the Set the Set or revoked or amended the trust and phase 2 commencing he truettlor's death or on revocation or amendment mm of the trust gre coencement fee ov asbeing ef us in during phase 1 and terminating on the Sett coencement fee coencement the tw deat prisons of f ss deed ee us in during phase 2. 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```html of ay the corporate trustees such as trustee. they have not even been asked to as testator whether they will oint tanks such cases， the trustees the taken as contracting. The trustee by the also gives rise to problems as the pop identity of the contracting equity：hi the trur usion， it seems to me， is properlo Trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can is diut be regarded as beneficial tsel I will consider later. ted tettI to regard them as propert：imtual. So far as they derive urty order of the court they alisti rction and so far as they rm arise from the court instrument use in they derive from the was my power to direct how his pa d 11 nego ad not concern the construction of the trust all he ad not concern the construction of the trust property is held by the es o char upon the trusts and subject the trs upon the trusts and subject the real powers conferred by the trust f ontractue remuneration. That gives or rom anstee certain rights which ply nterst. How far those rights can
```html PrnV.Sim tion(71]3AllER237).One must look at the aim ofthe trans nds[objectively from the point of view of both paies.Lol force had this to say in the case of Reardon Smit h Line Lstru nsen-Tangen[1976]3AllER570，574-5： The inton often said that，in order to requireIt wide the interbaitiesadmissible in aid of themselvesection，thes extrinsic facts must be to the knowledge of both contr must be stated in reasonable sense.When one speaks of constru of the parties to the ssociation，one is speaking very-the parties cannot direct evidence of their intention was-and what is to be the intention which the wellehible people would have had if the situation of the act：Similarly，when one is speaking of aim，or object，or ok at vely of what reasonable in the ion of the parties.It is in assive notice or of estopping hat judges are found using ntike，knew，or must be taken known，(see，for example， judgment of Brett L Great Western Railway Let us av ly，the circumstances surrounding the making of the fee agreement the he parties agree that the trust was intended to tie up the trust of which he was no fee he under the law of his own domicile.The tr was set speacontemplation of his future death.Seasoned pr essionals as both parties to the fee agreement were， must，objectsa ave contemplated a possible early death of the Settlor. only both parties would hope for a delay in his departure. er transaction which in his contemplation the possibility of an au ay expiry Settlor.It would have been so easy an exercise for fee to have insisted upon the insertion of a se that the agreement terminate on the death of the lor that leve such cannot have been its cl th iv you：th ```
```html 11 the Semore， viewed objectively， it is extremely unlikely that the settlor would have gone to such great lengths to protect with its for his family only to leave them to negotiate fees fully the trustee on his death. Counsel for Citi trust man to argued that on an objective view of the knowledge cos not both parties I drew the opposite conclusion. with the rest； this arguments I cannot do so. 177， That I lost J. Le circumstances known to both parties to the agreement do track mean I regard the fee agreement as a coercial contract it does not detract from the other rules regarding the trustee charging clauses. As was sa by Vineepul in Re Orwell's Will Trusts [1982] 3 All ER 179： clause.is ruarshne heot In trite law that an executor or clair Sorbr is in general entitled to no luthorice for his care and trouble. ch conste applie to fees charged by nonseeen professional man for work done in man sponial capacity. The naposs of the rule is normally if Tr wiavariably tempered in any hrawn will or trust instrument againstverding an express charging clause are strictly lend. For instance， it has litrus citor trustee to charge for professional services will not rule se him to charge for matters contra lly (see Chapple Newton v. ne rf This Couitl be careful to protect the interests of be ficiaries claim by trustees (see In re Duke of No olk Settl stuts (supra) per Fox L.J at p. 79) Ed t A furthi of construction which operates to the prejudice of pes pet's interpretation is to be applied only in ns cases of amb pet and where other rules of construction fail. The is the on mproferentum rule： an instrument shall be trued more harshly against the maker thereof (see chitty on co Co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co co
```html For all reasons I am unable to adopt the construction of the trustcrafted fee agreement urged upon me by Cititrust: I would have determined to do so. It is my judgment that the fee agreement diminishes minute on the Settlor's death. On my tender to consider draft alternative forms of or pending of determination but it is as well to hear further argument from counsel before I formally adopt any given form. I shall also hear on the question of costs. At the request of counsel I adjourn the matter to a date to beixed in two try. Judge 22nd January, 1993 GRAND COURT CAYMAN ISLANDS