Re Challenger Managed Investments Limited as responsible entity for Challenger Howard Mortgage Fund [2011] NSWSC 213

Supreme Court New South Wales

Medium Neutral Citation: Re Challenger Managed Investments Limited as responsible entity for Challenger Howard Mortgage Fund [2011] NSWSC 213 Hearing dates: 10 March 2011 Decision date: 29 March 2011 Jurisdiction: Equity Division Before: White J Decision: Refer to para [50] of judgment Catchwords: TRUSTS - judicial advice - s 63 Trustee Act 1925 - application for judicial advice by trustee whether justified in refusing to register transfer of units pursuant to transfer documentation executed under powers of attorney granted by unitholders - reasoning in Re Perpetual Investment Management Limited as responsible entity for Perpetual's Monthly Income Fund and Perpetual's Wholesale Monthly Income Fund [2011] NSWSC 133 applied - jurisdiction to give advice - advice as to registration of transfers is advice respecting administration of trust property - no statutory obligation to register transfers - trustee justified in acting on basis that no presumption contracts are binding - judicial advice that trustee justified in refusing to register transfer in respect of unitholders who have not indicated to the trustee they wish transfers to be registered - judicial advice on distribution of income and proceeds of redemption Legislation Cited: Trustee Act 1925 Corporations Act 2001 (Cth) Cases Cited: Re Perpetual Investment Management Limited [2011] NSWSC 133 Category: Principal judgment Parties: Challenger Managed Investments Ltd Representation: R Dick SC with D Mackay (Plaintiff) L V Gyles SC (DSPC) Minter Ellison (Plaintiff) File Number(s): 2011/58065