Federal Court of Australia
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JUDGMENT No. 225 4.82.
IN THE COURT OF AUSTRALIA ) G DIVISION ) QLD NO.X35 of 1987
BANKRUPTCY DISTRICT OF THE SOUTHERN } DISTRICT OF THE STATE OF QUEENSLAND )
RE: BRIAN VICTOR OTTO a debtor
EX PARTE: RODNEY DOUGLAS OTTO and ELLEEN OTTO
Applicants
A.R. TAYLOR: THE TRUSTEE
OF THE PROPERTY OF BRIAN VICTOR OTTO, A DEBTOR Respondent
SPENDER J. BRISBANE 15 JUNE 1988
EXTEMPORE REASONS FOR JUDGMENT
An application was made to the Court on behalf of Rodney Douglas Otto and Eileen Otto concerning, essentially, the validity of a deed dated 1 July 1986, which purported to give
them security in respect of some sums to which Brian Victor Otto
and his wife were entitled to receive from interests associated
with the Manners family.
The application, and its various contentions in respect
of it, are not assisted by 'a lack of precision in a number of the
documents associated with the Part X arrangements of Brian Otto
and his wife.
As a result of those Part X deeds of assignment, Mr. Alan Richard Taylor became the trustee of the property of Brian Victor Otto and Gwendoline Otto.
I accept that the factual situation is as set out in the affidavit of Rodney Douglas Otto, sworn 17 November 1987, from paragraphs 2 to 13 inclusive. In particular, (since the parties have treated this as a crucial issue), I accept what is deposed
to by Mr. Rodney Otto at paragraph 12 where he swears:-
"IT agreed with the Debtor that I would not enforce against him the repayment of the loan plus interest on the due date but would wait until the proceeds of the sale of the business became available. I further informed the Debtor that I was only agreeable to such a course of action if he gave me some security over the proceeds of the sale of the business."
The business referred to was the sale of some business interests to Fabian Perry Manners, Judith Mary Manners and Fabius Perry Manners, for a total purchase price of $78,000, to be paid to Mr. Brian Victor Otto and Mrs. Gwendoline Otto by 36 equal monthly
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