The England and Wales High Court held that the 30 salary pension documents were ineffective and that Scheme members were not 'estopped' from denying that those deeds were valid, effectively resulting in the Scheme's deficit being massively increased by some £45 million.
The case concerned a pension scheme ("the Scheme") for employees of partnerships and companies within the Gleeds group, which provides management and construction consultancy services in both the United Kingdom and abroad.
Goff J held that the trust was valid, because it could be construed as being ultimately for the benefit of people and thus made to work. I think there may be a purpose or object trust, the carrying out of which would benefit an individual or individuals, where that benefit is so indirect or intangible or which is otherwise so framed as not to give those persons any locus standi to apply to the court to enforce the trust, in which case the beneficiary principle would, as it seems to me, apply to invalidate the trust, quite apart from any question of uncertainty or perpetuity.
From March 1991, some thirty documents, described as deeds (including deeds of amendment and deeds of appointment and retirement of trustees of the scheme) and meant to be executed as such, were not in fact effected in accordance with the relevant execution formalities set out in the Law of Property (Miscellaneous Provisions) Act 1989. In April 2012, Shoal Creek Capital, LLC loaned AMRCO, Inc. The new ruling is in line with a recent holding by the Fort Worth Court of Appeals that was based on similar facts.The trustee appointed under a Deed of Trust (i.e., the governing security document) is generally given the power to sell the property at the duly-noticed foreclosure sale. Chapter 51 of the Property Code also contains other requirements to foreclosure, depending on the circumstances surrounding the borrower, lender, or trustee.There are also additional state and federal requirements relating to the loan documentation (depending on the property, borrower and lender involved) that may prevent a foreclosure sale after judicial intervention.