High Court of Australia
402 HIGH COURT (191
[HIGH COURT OF AUSTRALIA.}
KEOGH F . : s z ae . APPELLANT PLAINTIFF, AND DALGETY & COMPANY LIMITED t . Responpents. Drrenpayts,
ON APPEAL FROM THE SUPREME COURT OF VICTORIA. H.C. or A. Principal and Agent—Secret profit made by agent—Liability of agent—Fiduciary —
1916. relation—Accounts. — Marsovr! The estate of a testator was indebted to the defendants in a sum of money
Oct. 18, 19, alleged to amount to £200,000 for advances made in respect of a station pro: 2 perty which, with the stock and plant thereon, was the only asset of the estate. As the result of negotiations between the defendants and the executrix an agree-
Gritith C0, : A rate Barton, Isaacs, ment was entered into between the defendants, the executrix and the plaintiff, ey who was a son of the testator, by which it was agreed that, subject to the
sanction of the Supreme Court of Victoria (which was afterwards obtained), and in order to effect a compromise between the executrix and the defendants, they should consent to a sale of the station by the executrix to the plaintiff for £180,000 ; that the defendants should release all their securities over the pro- perty and the executrix should transfer it to the plaintiff ; that the defendants should retain all the titles to the land until the mortgages next to be mentioned should have been given by the plaintiff, and that if such mortgages should not be given the plaintiff should secure the debt of £180,000 with interest thereon at 5 per cent. per annum to the defendants by mortgage or other security; that subject to the sanction of the Supreme Court being obtained the defendants 4 would use their best endeavours to obtain for the plaintiff a first mortgage on usual and reasonable terms on the station land for such amount as they could obtain at a rate not exceeding 5 per cent., and the plaintiff should execute such mortgage and pay the mortgage money to the defendants in partial discharge of the debt but should not be personally liable to the mortgagee for
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