N.Y. Supreme Court: We Have Jurisdiction Over Trustee of Foreign Trusts
The Supreme Court, a court of original instance in New York State, determined that it had jurisdiction over a trust company that administered trusts in the Cook Islands and on the Caribbean island of Nevis, despite the trust company not having any readily apparent minimum contacts in New York. The court ruled that the trust company, Southpac, met the minimum contacts standard by allegedly engaging in fraudulent conveyances of New York property into the foreign trusts (with the cooperation of a New York broker) and maintaining a website that detailed Southpac's ability to facilitate such conveyances. The matter will almost certainly be explored by New York's appellate courts.
See Weitz v. Weitz, 2012 N.Y. Slip Op. 30767, N.Y.Sup.Ct. No. 016811-2008 (March 22, 2012). h/t: Rubin on Tax
Posted by Matthew Evan Rappaport, Associate Editor, Wealth Strategies Journal
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