Hunters Beach Investments Pty Ltd v Braams [2001] NSWSC 577

Reported Decision : (2001) 38 ACSR 701

New South Wales Supreme Court

CITATION : Hunters Beach Investments Pty Ltd v Braams [2001] NSWSC 577 CURRENT JURISDICTION: Equity Division FILE NUMBER(S) : SC 2454/97 HEARING DATE(S) : 1, 2, 3 and 4 May 2001 JUDGMENT DATE : 12 July 2001

Hunters Beach Investments Pty Limited (P) PARTIES : Garry Arnold Braams (D1) Braams Group Pty Ltd (D2) ACN 003 767 020 Pty Ltd (D3) JUDGMENT OF : Young CJ in Eq

COUNSEL : M A Pembroke SC (P) C J Stevens QC and R K Eassie (D) SOLICITORS : Searle & Associates (P) Etheringtons (D) CATCHWORDS : EQUITY [109]- Trusts- Investments made prior to trust deed being executed- On facts investments subject to trust. EQUITY [191]- Trusts- Director of corporate trustee defaulting in fiduciary duties- Director's company a beneficiary- Principle that a person entitled to a share must first make good a loss caused to the trust estate applied. LEGISLATION CITED : Trustee Act, 1925, s 86 Adams v Bank of NSW [1984] 1 NSWLR 285 Coachcraft Ltd v SVP Fruit Co Ltd [1978] VR 706 Fidelitas Shipping Co Ltd v V/O Exportchleb [1966] 1 QB 630 Hagan v Waterhouse (1994) 34 NSWLR 308 Hawks v McArthur [1951] 1 All ER 33 Hunter v Hunter [1936] AC 222 In re Rhodesia Goldfields Ltd [1910] 1 Ch 239 CASES CITED : Insurance Commissioner v Joyce (1948) 77 CLR 39 O'Toole v Charles David Pty Ltd (1991) 171 CLR 232 Permanent Trustee Co v Dougall (1931) 34 SR (NSW) 83 Re Dacre [1916] 1 Ch 344 Re Gaynor [1960] VR 640 Re Tolley (1972) 5 SASR 466 SS Pharmaceutical Co Ltd v Qantas Airways Ltd [1991] 1 Ll Rep 288 Tett v Phoenix Property & Investment Co Ltd [1984] BCLC 599 DECISION : See para 111.