NSW Caselaw
Reported Decision : 74 NSWLR 550
New South Wales Supreme Court
CITATION : Lemery Holdings Pty Ltd v Reliance Financial Services Pty Ltd [2008] NSWSC 1344
HEARING DATE(S) : 10-11 November 2008 JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Brereton J
EX TEMPORE JUDGMENT DATE : 11 November 2008
DECISION : The loans were trust assets. The former trustee's right of indemnity from trust assets survives the appointment of and transfer of assets to a new trustee. The old trustee cannot retain trust assets against the new trustee to secure its indemnity.
CATCHWORDS : EQUITY – trusts and trustees – trustees right of indemnity – equitable liens – where trustee removed upon winding up pursuant to trust instrument and new trustee appointed – whether causes of action in other proceedings to recover loans are trust assets – whether removed trustee can retain possession of assets to secure indemnity pending determination – whether right of indemnity survives transfer of trust assets to new trustee – whether a removed trustee is entitled to retain assets as against a new trustee to secure its indemnity
(NSW) Trustee Act 1925, s 9 LEGISLATION CITED : (NSW) Real Property Act 1900 (NSW) Uniform Civil Procedure Rules, r 7.8
CATEGORY : Principal judgment
ANZ Banking Group Ltd v Intagro Projects Pty Ltd [2004] NSWSC 1054 Belar Pty Ltd (in liq) v Mahaffey [1999] QCA 2; [2000] 1 Qd R 477 Chief Commissioner of Stamp Duties for New South Wales v Buckle (1998) 192 CLR 226 Coates v McInerney (1992) 7 WAR 537 Davies v Littlejohn (1923) 34 CLR 174 Dimos v Dikeakos Nominees Pty Ltd (1996) 68 FCR 39 Dowse v Gorton [1891] AC 190 Fletcher v Collis [1905] 2 Ch 24 Global Funds Management (NSW) Ltd v Burns Philp Trustee Co Ltd (in prov liq) (1990) 3 ACSR 183 Hewett v Court (1983) 149 CLR 639 Hillig v Darkinjung Local Aboriginal Land Council [2006] NSWSC 1371 Jennings v Mather [1901] 1 QB 108 Jennings v Mather [1902] 1 KB 1 Kemtron Industries Pty Ltd v Commissioner of Stamp Duties [1984] 1 Qd R 576 Melbourne Tramways Trust v Melbourne Tramway & Omnibus Company Ltd (1887) 13 VLR 487 Octavo Investments Pty Ltd v Knight (1979) 144 CLR 360 CASES CITED : Official Assignee of O'Neill v O'Neill (1898) 16 NZLR 628 Re Akerman [1891] 3 Ch 212 Re Enhill Pty Ltd [1983] 1 VR 561 Re Exhall Coal Co Ltd (1866) 55 ER 970 Re Paulings Settlement Trust (No 2) [1963] Ch 576; [1963] 1 All ER 857 Re Pumfrey (1882) 22 Ch D 255 Re Stucley [1906] 1 Ch 67 Re Suco Gold Pty Ltd (in liq) (1983) 33 SASR 99; (1983) 7 ACLR 873 Ronori Pty Ltd v ACN 101 071 998 Pty Ltd [2008] NSWSC 246 Savage & Whitelaw v Union Bank of Australasia Ltd (1906) 3 CLR 1170, 1188 Southern Wine Corp Pty Ltd (in liq) v Frankland River Olive Co Ltd [2005] WASCA 236; (2005) 31 WAR 162 Tennant v Trenchard (1869) LR 4 Ch App 537 Trim Perfect Australia v Albrook Constructions [2006] NSWSC 153 Vacuum Oil Co Pty Ltd v Wiltshire (1945) 72 CLR 319 Wilson v Parker (1846) 10 Jur 979 X v A and Others [2000] 1 All ER 490 Xebec Pty Ltd (in liq) v Enthe Pty Ltd (1987) 18 ATR 893
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