High Court of Australia
75 C.L.B.]
OF AUSTRALIA.
{HIGH COURT OF AUSTRALIA.)
APPELLANTS ;
— PARTRIDGE ANDOTHERS . .
Pvaintires, AND
a aN EQUITY TRUSTEES EXECUTORS AND mer - AGENCY COMPANY LIMITED \ ResponDENt. - Devenpayr,
ON APPEAL FROM THE SUPREME COURT OF VICTORIA,
Will Trust—Trustee company appointed executor and trustee of will—Trust for H.C. or A. conversion, with discretion to postpone—Debt due to testator by company in which 1947. he was shareholder—Trustee empowered by will not to press for payment of debt but = ~~ to grant the company ' such reasonable time as it may require "—Statutory power MELBOURNE, to allow time for payment of debt—Loss to estate through allowance of time— Oct. 14-17, 29.
Breach of trust—Power of Court to relieve trustee of lic Action for loss _ Starke, occasioned by breach—Nature of action—Limitation of time—Rights of life witinns ss.
tenants and remaindermen—Property Law Act 1928 (Viet.) (No. 3754), #. 304*
| Supreme Court Act 1928 (Vict.) (No. 3783), 8. 82 (1) (0)t—Trustee Act 1928 (Vict,) (No. 3792), 9s. 15, 61, 67f{—Trustees Companies Act 1928 (Vict.) (No. 3793).
Ins, 15 of the Trustee Act 1928 (Viet.), the words of par. (e) " allow any time for' payment of any debt," include an allowance of time whether made the subject of a binding agreement or not. The section involves the exercise of 'an active discretion, not the mere passive attitude of leaving matters alone, and no relief is afforded where loss has arisen from carelessness or supineness,
Re Greenwood ; Greenwood v. Firth, (1911) 105 L.-T. 509, applied.
— * The Property Law Act 1928 (Viet.),
by s. 304; "After the first a 'of June One thousand eight hun- "dred and sixty-four no action or suit or
other jing shall be brought. to recover. . + legacy but within (ohat pies Saot sea a peeonnt ight
' 'toreceive the mme 'has fee a "person a
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