Garrett v Yiasemides [2004] NSWSC 828

New South Wales Supreme Court

CITATION : Garrett v Yiasemides [2004] NSWSC 828 HEARING DATE(S) : 31 August 2004 JUDGMENT DATE : 31 August 2004 JURISDICTION: Equity JUDGMENT OF : Campbell J DECISION : Mortgaging of trust property authorised. Trustees removed and replaced.

CATCHWORDS : TRUSTS - trustees' powers of investment - power to acquire interest in land to provide dwelling house for beneficiary to live in - power of trustees to make trust interest in land available as security for a loan, when trustees will not themselves be borrowing money - removal of trustees - conduct endangering trust property, and showing want of proper capacity to execute duties of trust - removal of bankrupt trustee - costs of application for removal of trustee - PROCEDURE - costs - costs of application for removal of trustee LEGISLATION CITED : Trustee Act 1925 Trustee Amendment (Discretionary Investments) Act 1997 Attorney-General v Murdoch (1856) 2 K and J 571; 69 ER 910 Hunter v Hunter [1938] NZLR 520 Letterstedt v Broers (1884) 9 App Cas 371 Miller v Cameron (1936) 54 CLR 572 CASES CITED : Murdocca v Murdocca (No.2) [2002] NSWSC 505 Nissen v Grunden (1912) 14 CLR 297 Palairet v Carew (1863) 32 BEAV 564; 55 ER 222 Re Estate of Roberts (1983) 20 NTR 13 In the Will of Sherriff [1971] 2 NSWLR 438 Swanson v Dungey (1892) 25 SALR 87 Grace Marie Garrett by her Tutor David Peter Jackson - First Plaintiff Michael Anthony Confos - Second Plaintiff PARTIES : Jonathon Thomas Garrett - Third Plaintiff George Andrew Yiasemides - First Defendant Peter Yiasemides - Second Defendant FILE NUMBER(S) : SC 1895/04 COUNSEL : J Soars - Plaintiffs No appearance - Defendants SOLICITORS : Beesley & Hughes - Plaintiffs No appearance - Defendants