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Koen-V2n3.Qxd (Page 1) THE To have and to hold, VER DVISORY to him and his heirs, A A forever. SEPTEMBER 2010 [email protected] presented by Aver Associates Estate Planners & Trustees IFE ETTLEMENTS In this issue . L S Insurers increasingly successful in litigating payment obligations Lincoln National Life Insurance Company v. Snyder et al., Civ. No. 09-888-SLR, Delaware District LIFE SETTLEMENTS Court, July 15, 2010 | Principal Life Ins. Co. v. Lawrence Rucker 2007 Ins. Trust, 2010 WL Insurers increasingly successful in litigating 3395661,Delaware District Court, Aug. 30, 2010 payment obligations Lincoln National Life Insurance Company v. Snyder et al., Civ. No. 09- 888-SLR, Delaware District Court, July 15, 2010 | Principal Life Ins. Co. v. Lawrence Rucker 2007 Ins. Trust, 2010 WL 3395661,Delaware District Court, Aug. 30, 2010 romoters of life settlements suffered a Shortly after the policy was issued, the trust Pserious blow this past summer after two sold its beneficial interests to a second trust. decisions from the US District Court in The first trust remained the named Delaware held that life insurance policies beneficiary of the policy, but the second trust HOLIDAY HOMES issued under such arrangements are void was the actual beneficiary and would receive from their inception, thereby relieving the the death benefits under the agreement. The Croatia: End of saga on property in Croatia insurer of any duty to pay a death benefit. insurer sought a declaratory judgment that taken from foreigners in the communist era the policy was void, from the outset, for lack Croatian Supreme Court decision 25 May 2010 Facts. The case of Lincoln National v. of an insurable interest. Cyprus: Right of Greek Cypriot refugees to Snyder is typical of life settlements. In reclaim land in northern Cyprus effective 2005, two promoters persuaded 76 year- Decisions. In both cases, the District through European Union law old Harry Wisner to apply for an $18.5 Court for Delaware held that the life million life insurance policy from Lincoln insurance policies were void ab initio for Apostolides v Orams, European Crt of Justice, 28-apr-2009, case C-420/07 National. The promoters planned to sell the lack of an insurable interest. policy to stranger investors on the secondary life insurance market. Delaware law defines an insurable interest TRUST RECOGNITION as benefits that are payable to individuals Assimilation of an English charitable trust to To facilitate the arrangement, Wisner related closely by blood or by law who have a Belgian non-profit association created an irrevocable life insurance trust, a substantial interest out of love; or to any In the Matter of Le Trust de droit anglais T.G.O.S.H.C.C., Case No. naming Bayard Snyder as the trustee and other individual with a lawful interest in 2006/AR/2935, Court of Appeal of Brussels, September 9, 2009 his wife as beneficiary of the trust. Wisner having the life of the insured continue. submitted an application for the life insurance policy, naming the trust as the The court noted that, while an insured may SETTLOR MISTAKE proposed owner and beneficiary. The name his own trust as the owner and Court considers principle of mistake to set application was signed by the trustee on beneficiary, that right must be considered aside transfer by settlor behalf of the trust as the proposed owner. in light of the public policy reasons for In the Matter of The Lochmore Trust, [2010] JRC 068 which the insurable interest doctrine exists. Wisner died at age 79, about two years after taking out the policy. The trust then In these recent cases, the court held that filed a claim for Wisner's death benefit. the life insurance policies were procured as CELEBRITY ESTATES Lincoln National launched an investigation, part of pre-negotiated agreements to sell which revealed that the beneficiary interest the interest in the policies. Furthermore, German auto magnate Ferdinand Piech in the trust had been sold to an unknown the trusts were created solely to circumvent chooses foundations for succession planning party and that Wisner had received funds in the law. Accordingly, the policies lacked an connection with the transfer of the insurable interest at their inception, and Self-made Chinese billionaire says beneficiary interest. were void as contrary to public policy and competent children don't need inheritance Delaware's insurable interest statute. In a second case, Principal Life v. Rucker, the insured Lawrence Rucker created a Commentary. These cases expressly trust, naming it the original beneficiary of a reject arguments supporting the validity of $3.5 million life insurance policy. Christiana stranger owned life insurance, and treat the Bank, the trustee, was named the original sale of beneficial interests as equivalent to owner of the policy. the sale of the insurance policy itself. Estate Planners and Trustees Aver Associates www.averassociates.com 1 THE AVER ADVISORY SEPTEMBER 2010 [email protected] HOLIDAY HOMES CROATIA Saga on property in Croatia taken from foreigners during communist era seems to have reached the end Croatian Supreme Court decision 25 May 2010 oreigners in Croatia have a right to claim compensation for, or The insistence of the Government of the Republic of Croatia not to Freturn of, their property taken during the communist era. This right recognize a foreigner's right to have their property returned, or to was recognized in a 2008 ruling by the Croatian Administrative Court, compensation, must be understood against the background of more which held in favour of the immediate descendant of a Brazilian national. than 4,000 requests being made from abroad. Such requests have emanated primarily from Israel, Austria, USA, Serbia, Argentina and The Croatian State Attorney's Office launched an appeal against that Brazil. It is estimated that these requests, if accepted, will cost the ruling. The Croatian Supreme Court rendered a judgment on May 25, Republic of Croatia between €350 and €500 million. 2010 entirely rejecting the appeal and upholding the challenged decision. CYPRUS Orams' assets in the UK. The Orams were Right of Greek Cypriot refugees to reclaim land in northern Cyprus represented in the English courts by Cherie effective through European Union law Blair; the wife of Prime Minister Blair. In September 2006, the High Court of Justice Apostolides v Orams, European Court of Justice, 28 April 2009, case C-420/07 ruled in favour of the Orams. his is a landmark legal case decided in the Cypriots to visit their old properties. Apostolides appealed the decision at the TEuropean Court of Justice on April 28, Apostolides visited his property and saw the Court of Appeal, which in turn referred the 2009. Apostolides v. Orams concerned the construction of the house. case to the European Court of Justice (ECJ) in right of Greek Cypriot refugees to reclaim land Luxembourg. The ECJ in turn decided in in northern Cyprus, from which they were Legal Proceedings in Cyprus. Apostolides favour of Apostolides and ruled that British displaced after the 1974 Turkish invasion. The took his case to the Nicosia District Court, courts were able to enforce the judicial case determined that although Cyprus does demanding the eviction of Orams from his decisions made in Cyprus, which uphold the not exercise effective control in northern property. Northern Cyprus is not recognised property rights of Cypriots forced out during Cyprus, cases decided in its courts are internationally as a state. Apostolides argued the invasion. effective through European Union law. that although Cyprus had lost control over the northern part of the island following the Implications. This case has been described Background. In 1974, Mr. Apostolides, an Turkish invasion, its laws still applied even if as a landmark test case as it sets a precedent architect, was displaced with his family from they were not easily enforceable. for other Cypriots (primarily Greek Cypriot his property in Lapithos as a result of the refugees) to bring similar actions to court. Turkish invasion and the subsequent military In November 2004, the Nicosia District Court occupation of the northern part of Cyprus. ordered the Orams to demolish the villa and The importance of the case is illustrated by all improvements, to deliver immediate the fact that the Orams were funded by In 2002, Mr and Mrs Orams, resident in possession of the land to Apostolides and to Turkish property developers, while England,invested £160,000 of their retirement pay damages including monthly rent until the Apostolides was supported by Greek-Cypriot fund to acquire the land from a third party judgment was complied with. interests. Both the British High Commission in and to construct a villa on the premises. The Cyprus and the Foreign and Commonwealth third party claimed to have acquired the The Orams appealed this decision, which was Office have issued warnings regarding the property from the Turkish Republic of heard at the Supreme Court of Cyprus. The purchase of property in northern Cyprus. Northern Cyprus (TRNC). The Orams used the appeal was dismissed. property in Cyprus for vacations and Following the final ruling by the Court of maintained their home in the UK. Appeal Proceedings. Due to the island's Appeal in England, Apostolides' lawyer stated division, the judgment reached by the Cypriot that he was considering similar lawsuits In 2003, the de facto administration of court was not enforceable. As such, against foreign tourists using hotels in the northern Cyprus eased crossing restrictions Apostolides used EU regulations to have the TRNC which were owned by Greek Cypriots along the ceasefire line, allowing displaced judgment registered and applied against the and lost during the 1974 Turkish invasion. Estate Planners and Trustees Aver Associates www.averassociates.com 2 THE AVER ADVISORY SEPTEMBER 2010 [email protected] TRUST RECOGNITION Assimilation of an English charitable trust to a Belgian non-profit association In the Matter of Le Trust de droit anglais T.G.O.S.H.C.C., Case No.
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