or otherwise
English translation: or levied or imposed in some other way (other than upon the trustees)
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| 21:12 Mar 22, 2015 |
| English language (monolingual) [PRO] Law/Patents - Law: Contract(s) / Trust | |||||||
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|  Selected response from: Charles Davis Spain Local time: 09:51 | ||||||
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| 4 | or, if this is not the case, |
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| 4 | or, more generally, |
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| 4 | or levied or imposed in some other way (other than upon the trustees) |
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Answers
9 mins confidence: 
or, if this is not the case, Explanation: I would read it like this |
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41 mins confidence:
or, more generally, Explanation: 'or otherwise' goes with what follows it (more general cases of liability to pay), not what precedes it (specific circumstances of liability to pay). Apply the whole or any part or parts of the capital or income of the Trust Fund in or towards the payment or discharge of any tax duty or fiscal imposition whatsoever levied or imposed in any part of the world upon the Trustees whether legally enforceable against them or not ***or otherwise*** in respect of any other trust in which the Beneficiaries ... --> Use (trust funds) to pay taxes (etc.): EITHER - for which the Trustees are liable (whether such liability is enforceable or not); OR - more generally, in respect of any other trust (in which the Beneficiaries etc. etc...) |
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1 hr confidence:
or levied or imposed in some other way (other than upon the trustees) Explanation: This paragraph refers to the powers of the trustees of a trust fund and what they are authorised to do with the money in the fund. One thing they can do with it is to pay tax liabilities "levied or imposed in any part of the world upon the Trustees whether legally enforceable against them or not". Now clearly, the trustees of a trust fund are required, in general terms, to use the capital and income of the fund for the beneficiaries. Clearly they can't use the fund to pay their own tax bills. But as it stands, the statement just quoted suggests that they can. So the statement is incomplete. It means that they can pay taxes "levied or imposed [...] in respect of any other trust in which the Beneficiaries or any one or more of them shall be interested". In other words, they can use the money in this fund to pay tax liabilities associated with other trusts in which the beneficiaries of this trust have an interest, that is, tax that those beneficiaries are liable to pay. So then "or otherwise" goes with "upon the Trustees": we're talking about tax either levied upon the Trustees or levied in some other way. But that's not all. The trustees referred to here, the ones upon whom the tax payable out of this fund may be levied or imposed, are not the trustees of this fund but the trustees of "any other trust in which the Beneficiaries [...] shall be interested". So it means that the trustees of this trust fund can use it to pay tax levied in respect of any other trust in which the beneficiaries of this fund have an interest, either levied upon the trustees of those other trusts or otherwise (i.e., levied upon somebody else). You would not suspect this from the passage quoted, but it is evident from this very similar clause in another trust document: "Apply the whole or any part of the capital or income of the Trust Fund in or towards the payment or discharge of any tax duty or fiscal imposition whatsoever levied or imposed in any part of the world upon the trustees of or otherwise in respect of any other trust in which the Beneficiaries or any one or more of them shall be interested" http://www.sec.gov/Archives/edgar/data/1175597/0001156973060... This is effectively the same clause but is expressed differently, and it clearly means "levied or imposed upon the trustees of any other trust or otherwise in respect of such other trust". The same, I believe, is true in the clause before us. Sorry this is so complicated. -------------------------------------------------- Note added at 1 hr (2015-03-22 23:12:04 GMT) -------------------------------------------------- You must be getting pretty fed up with trusts! |
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