NSW Caselaw
New South Wales Supreme Court
CITATION : Pedersen v Larcombe & Anor [2008] NSWSC 1362
HEARING DATE(S) : 25 July, 23, 29 & 30 September, and 1-3 October 2008
JUDGMENT DATE : 18 December 2008
JURISDICTION : Equity Division
JUDGMENT OF : Palmer J
DECISION : Plaintiff entitled to declarations as sought, accounting of profits and equitable compensation.
CATCHWORDS : FIDUCIARIES – REAL ESTATE AGENT – SELF-DEALING – CONFLICT OF INTEREST – Real estate agent had been managing agent of Plaintiff's rental property – agent suggested that the Plaintiff sell – Plaintiff placed property in hands of agent for sale at best price – agent made inadequate enquiry from developers – agent failed to advertise or market property – agent offered to purchase property through his company – agent's company resold property shortly afterwards for more than double the price paid by agent. - HELD: Agent had breached fiduciary duty of loyalty to plaintiff in preferring his interest to his duty to plaintiff – agent's company a knowing participant in agent's breach.
Evidence Act 1995 (NSW) – s.97 - Evidence Regulation 2005 (NSW) – Reg 5 LEGISLATION CITED : - Fair Trading Act 1987 (NSW) – s 42, s 68 - Property, Stock and Business Agents Act 2002 (NSW) – s 49 - Trade Practices Act 1974 (Cth) – s 52
CATEGORY : Principal judgment
- Barnes v Addy (1874) 9 Ch App 244 CASES CITED : - Chan v Zacharia (1984) 154 CLR 178 - Consul Development Pty Ltd v DPC Estates Pty Ltd (1975) 132 CLR 373 - Maguire v Makaronis (1997) 188 CLR 449
Melville Roy Pedersen (Plaintiff) PARTIES : Markus Edward Larcombe (First Defendant) Varinya Pty Ltd (Second Defendant)
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