Thornley v Boyd [1925] HCA 41

526 HIGH COURT let

{HIGH COURT OF AUSTRALIA.]

THORNLEY AND OTHERS Z 6 e . APPELLANTS ; DEFENDANTS, AND BOYD AND OTHERS 5 4 . ss . RESPONDENTS.

DEFENDANT AND PLAINTIFFS,

ON APPEAL FROM THE SUPREME COURT OF VICTORIA.

H.C. of A. Will—Construction—Gift of income—Sheep station carried on by trustees—Sale 1925. purpose of winding up business—Profits on sale of sheep—Corpus or income.

wn oy A testator, who during his lifetime had carried on the business of a

Gct.19,20,29, 0" four stations, three of which were freehold, by his will gave all his pro

Knox €.J., A " . Isaacs and trustees on trust for sale and conversion and investment. He directed

SESE the trustees should hold the whole of the proceeds upon trust to pay the income to his children in certain shares and after their deaths upon trust for children. He also directed that the trustees were not to sell his real

to purchase sheep, stock or plant. The trustees carried on and worked stations for some years after the expiration of the ten years,

Held, that, on a sale by the trustees of one of the stations and the thereon for the purpose of putting an end to that business, none of the pr of sale was corpus,

Decision of the Supreme Court of Victoria (Full Court): In re Thornle Boyd v. Thornley, (1925) V.L.R. 569 ; 47 A.L.T. 52, affirmed.

36 C.L.R.] OF AUSTRALIA.

Appeal from the Supreme Court of Victoria.

William Boyd and the Union Trustee Co. of Australia Ltd., the stees of the will and estate of Nathan Thornley, by originating ummons sought a determination of the question (among others) whether, having regard to the construction of the will, the whole c any and what portion of the amounts realized at the clearing sales of live-stock belonging to the estate, held on 4th February 1924 on the station known as Woperana and held on 31st May 1924 on the station known as Warrambeen respectively, should be ippropriated to corpus. The defendants to the summons were the 'sons and daughters of the testator, namely, Edmund Ashworth 'Thornley, Geoffrey Prestwick Thornley, Edith Theresa Boyd, Florence Louisa Nicholson and Violet May Lillies, and Douglas hornley Boyd on behalf of himself and the other grandchildren 'of the testator. The material provisions of the will and the other ts are stated in the judgments hereunder.