Trustee Executors Limited v Peter James Murray and others and Morel & Co Ltd and Jennifer Ann Morel - SC 15/2006

Civil - allotment of participatory securities - 'payment' of minimum amount within 4 months of registered prospectus - whether the tender and acceptance of a cheque on terms that it be held and its value offset against the amount payable to its drawer on settlement can "be deemed to have been paid" within the meaning of Securities Act 1978, s 37(2)(a) - whether statutory supervisor owes common law duty of care in addition to duty to exercise reasonable diligence imposed by statutory implication and Deed of Participation - whether a duty as trustee of funds received pursuant to an offer of securities can be imposed in addition to an express duty as statutory supervisor - whether exclusion clause in Deed of Participation can exclude liability except for breach of the statutory implied duty to exercise reasonable diligence - whether negligent or inadvertent breach of trust can amount to (equitable) fraud for the purposes of Limitation Act 1950, s 28. CA 86/04 22 December 2005