Commissioner of Stamp Duties (NSW) v Bradhurst [1950] HCA 17

81 C.L.R.] OF AUSTRALIA.

{HIGH COURT OF AUSTRALIA.)

COMMISSIONER OF STAMP DUTIES (N.S.W.) AppELnant ;

APPLICANT, AND BRADHURST AND OTHERS i é . Resronpenrs. RESPONDENTS,

ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES.

Death and Succession Duties (N.S.W.)—Declaration of trust—Beneficiary to attain

age of twenty-one years or marry—Power of revocation reserved by seltlor—Power not exercised during settlor's lifetime—Beneficiary attained majority and married subsequent to death of settlor—T'rust fund—Beneficiary— Beneficial interest " —Quaere, whether beneficial interest in fund accrued or arose to beneficiary on death of settlor—Stamp Duties Act 1920-1940 (N.S.W.) (No. 47 of 1920—No. 50 of 1940), s. 102 (2) (i).

By an indenture a settlor declared that the trustees were to hold certain property upon trust if and when his grand-child C. should attain the age of twenty-one years or marry under that age whichever should first happen to pay and transfer the trust property to her absolutely, provided that in case C. should die under that age unmarried the trustees should hold the trust property

in trust for the settlor his executors, administrators and assigns. The indenture also reserved a power to the settlor to vary or revoke the trusts. By a deed poll the settlor in exercise of this power revoked the trusts declared by the indenture in his favour in case C. should die under the age of twenty- one years, and declared that in that event the trust property should be held upon trust for the brothers and sisters of C. The settlor further declared that the power of revocation reserved to him in the indenture should be in effect deleted and he substituted therefor a power of revocation by deed or by will for the purpose only of permitting him to declare new trusts for the benefit of any of the brothers and sisters of C. The settlor never exercised the special power reserved by the deed poll. On the date of the settlor's death C. was under the age of twenty-one years and unmarried, but she married some years later.