At issue was whether a declaration by trustees was sufficient to be a credit of dividends to a beneficiary.

The FCA unanimously held that the declaration did not constitute a credit and therefore the appeal could not reasonable succeed.  The FCA
explicitly stated that it did not endorse the TCC reasoning. They stated:

the resolution of September 11, 2001 whereby the trustees declared that a dividend of $2,200,003 “be paid” to Mr. J.J. Herbert and that Mr Herbert “shall have the right at any time to require payment of the amount of the dividend by the Trust to himself at any time” did not constitute a credit to Mr. Herbert’s account.