Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Korea Shipping Corporation v Lord Energy SA [2018] FCAFC 201 Appeal from: Lord Energy SA v The Ship "MV Dangjin" [2018] FCA 1717
File number: NSD 2072 of 2018
Judges: ALLSOP CJ, BESANKO AND MCKERRACHER JJ
Date of judgment: 15 November 2018
Catchwords: ADMIRALTY AND MARITIME – where debtor transferred to trustee title to the ship under trust for benefit of security holder – where ship registered in name of trustee held as security for debtor's performance of obligation to repay bank the value of bonds issued by debtor – whether debtor correctly determined to be beneficial owner of ship while she was held in trust for purposes of s 19(b) of Admiralty Act 1988 (Cth) – appeal allowed
Legislation: Admiralty Act 1988 (Cth) ss 17, 19(a), 19(b) Evidence Act 1995 (Cth) s 136 Trust Act (Act No. 12592, May 20, 2014) (Republic of Korea) arts 22, 88, 98, 99, 100, 101
Cases cited: Decor Corporation Pty Ltd v Dart Industries Inc. [1991] FCA 844; 33 FCR 397 Kent v The Vessel "Maria Luisa" as Surrogate for the Vessels "Monika" and "Boston Bay" [2003] FCAFC 93; 130 FCR 12 Shagang Shipping Co Ltd v Ship 'BULK PEACE' as surrogate for the Ship 'DONG-A-ASTREA' [2014] FCAFC 48; 314 ALR 230 The Ship "Sam Hawk" v Reiter Petroleum Inc [2016] FCAFC 26; 246 FCR 337 Tisand (Pty) Ltd v The Owners of the Ship MV "Cape Moreton" (ex "Freya") [2005] FCAFC 68; 143 FCR 43
Date of hearing: 13 November 2018
Registry: New South Wales
Division: General Division
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