NSW Caselaw
New South Wales Court of Appeal
CITATION: Mario Salvo & 2 Ors v New Tel Limited [2005] NSWCA 281
HEARING DATE(S): 5 May 2005
JUDGMENT DATE: 25 August 2005
JUDGMENT OF: Spigelman CJ at 1; Handley JA at 71; Young CJ in Eq at 83
DECISION: 1 Appeal and Cross-Appeal dismissed; 2 No order as to costs.
CATCHWORDS: TRUSTS - Express trusts - Where money borrowed for purpose of purchasing company - Where money held on trust for lender - Where money paid as deposit - Where deposit returned - Whether returned deposit held on trust for lender - Discussion of Quistclose trusts - TRUSTS - Express trusts - Where subscription agreement created express trust of subscription price - Where subscription monies paid by cash and amounts set-off - Whether amounts set-off part of subscription price - Whether amount set-off held on trust - Whether any property capable of being subject-matter of trust - TRUSTS - Resulting trusts - Discussion
Associated Alloys Pty Ltd v ACN 001 452 106 Pty Ltd (In Liq) (2000) 202 CLR 588 Australasian Conference Association Ltd v Mainline Constructions Pty Ltd (In liq) (1978) 141 CLR 335 Bahr v Nicolay (No 2) (1988) 164 CLR 604 Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 Black Uhlans Inc v New South Wales Crime Commission (2002) 12 BPR 22,421 Boogadah Investments Pty Ltd v Westpac Banking Corporation (Unreported, New South Wales Court of Appeal, Mason P, Handley and Beazley JJA, 18 March 1998) Commonwealth v Booker International Pty Ltd [2002] NSWSC 292 Re Drucker; Ex parte Basden [1902] 2 KB 55 Edwards v Glyn (1859) 2 El & El 29; 121 ER 12 Re Australian Elizabethan Theatre Trust; Lord v Commonwealth Bank of Australia (1991) 30 FCR 491 Re EVTR Ltd [1987] BCLC 646 CASES CITED: Re Goldcorp Exchange Ltd; Kensington v Liggett [1995] 1 AC 74 Re Harmony & Montague Tin & Copper Mining Co (1873) LR 8 Ch App 407 Re Rogers; Holland v Hannen (1891) Morr 243 Re Watson (1912) 107 LT 96 Henry v Hammond [1913] 2 KB 515 Mac-Jordan Construction Ltd v Brookmount Erostin Ltd [1992] BCLC 350 Napier v Public Trustee (Western Australia) (1980) 32 ALR 153 Rob Evans v European Bank Ltd (2004) 61 NSWLR 75 Tito v Waddell (No 2) [1977] Ch 106 Trident General Insurance Co Ltd v McNiece Bros Pty Ltd (1988) 165 CLR 107 Twinsectra Ltd v Yardley [2002] 2 AC 164 Walker v Corboy (1990) 19 NSWLR 382
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