Commonwealth of Australia v The Official Trustee in Bankruptcy as Trustee of the Property of Stephen Vasil [2004] NSWSC 1155

New South Wales Supreme Court

CITATION : Commonwealth of Australia v The Official Trustee in Bankruptcy as Trustee of the Property of Stephen Vasil [2004] NSWSC 1155 HEARING DATE(S) : 20/7/04 and 29/10/04 JUDGMENT DATE : 2 December 2004 JURISDICTION: Equity Division JUDGMENT OF : Young CJ in Eq DECISION : Moneys in court to be paid out to the plaintiff.

CATCHWORDS : BANKING [30]- Customer with series of fictitious accounts- Sale of properties with deficiency- Bank may combine accounts to cover deficiency. EQUITY [55]- Tracing- Mixed fund- Principles discussed. Australian Postal Corporation v Lutak (1991) 21 NSWLR 584 Blackman v S Freedman & Co (1910) 12 CLR 105 Creak v James Moore & Sons Pty Ltd (1912) 15 CLR 426 Croton v Reg (1967) 117 CLR 326 Evans v European Bank Ltd [2004] NSWCA 82 Foley v Hill (1848) 2 HLC 28; 9 ER 1002 Menzies v Perkins [1999] NSWSC 40 CASES CITED : National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd [1972] AC 735 Pennell v Deffell (1853) 4 De GM & G 372; 43 ER 551 Re Diplock [1948] Ch 465 Re French Caledonia Travel Service Pty Ltd (2003) 59 NSWLR 361 Re Global Finance Group Pty Ltd (2002) 26 WAR 385 Robb Evans v European Bank Ltd [2004] NSWCA 82 Scott v Surman (1742) Willes 400; 125 ER 1235 Westdeutsche Landesbank Girozentrale v Islington London Borough Council [1996] AC 669 Young v Murphy [1996] 1 VR 279 PARTIES : Commonwealth of Australia (P) The Official Trustee in Bankruptcy as Trustee of the Property of Stephen Vasil (D) FILE NUMBER(S) : SC 5928/03 COUNSEL : K E Burke (P) SOLICITORS : Minter Ellison (P)