Fischer v Nemeske Pty Ltd [2014] NSWSC 203

Supreme Court New South Wales

Medium Neutral Citation: Fischer v Nemeske Pty Ltd [2014] NSWSC 203 Hearing dates: 25 - 26 February 2014 Decision date: 10 March 2014 Jurisdiction: Equity Division - Expedition List Before: Stevenson J Decision: Debt from Trust to Estate established Catchwords: EQUITY - trusts - purported distribution of asset revaluation reserve - proper construction of resolution of trustee - whether distribution effected - whether trust indebted to deceased estate of beneficiary. EQUITY - discretionary trust - vesting date - whether a resolution had effect of varying vesting date retrospectively EQUITY - discretionary trust - construction - whether distribution for benefit of beneficiaries - whether the trustee required to give notice to all beneficiaries LIMITATION OF ACTIONS - whether cross-claim statute barred - whether debt payable on demand - whether cause of action arose at time of advance - whether cause of action confirmed - whether more than one bar to cause of action. Legislation Cited: Compensation to Relatives Act 1897 Limitation Act 1969 Trustee Act 1925 Cases Cited: Alexander v Perpetual Trustees WA Ltd (2003) 216 CLR 109 Bank of China Ltd v CGS (Group) Pty Ltd [2009] NSWSC 397 Bank of Credit and Commerce International SA (In liq) v Ali [2002] 1 AC 251 Bowler v Hilda Pty Limited (in liq) [2001] FCA 342; (2001) 112 FCR 59 Chidiac v Maatouk [2010] NSWSC 386 Clark v Inglis [2010] NSWCA 144 Chartbrook Ltd v Persimmon Homes Ltd [2009] 1 AC 1101 Cordon Investments Pty Ltd v Lesdor Properties Pty Ltd [2012] NSWCA 184; (2013) 29 BCL 329 Drinkwater v Caddyrack Pty Ltd (No 3) (Supreme Court (NSW), Young J, 28 November 1997, unreported) Droop v Colonial Bank (1881) 7 VLR (E) 71 Expressway Spares v CTK Engineering [2000] NSWSC 1200 Fitzgerald v Masters (1956) 95 CLR 420 Global Custodians Ltd v Mesh [2002] NSWSC 47 Gra-Ham Australia Pty Ltd v Perpetual Trustees WA Ltd (1989) 1 WAR 65 Haller v Arye [2005] QCA 224 Horsell International Pty Ltd v Divetwo Pty Ltd [2013] NSWCA 368; (2013) ANZ Ins Cas 61-991 In re Baden's Deed Trusts; Baden v Smith [1969] 2 Ch 338 In re Breeds' Will (1875) 1 Ch D 226 In re Coliseum (Barrow), Ltd [1930] 2 Ch 44 Lonsdale Sand and Metal Pty Ltd v Federal Commissioner of Taxation (1998) 81 FCR 419 Lorand Loblay and Karen Loblay [2013] NSWSC 1195 McGrath v Sturesteps; Sturesteps v HIH Overseas Holdings Ltd (in liq) [2011] NSWCA 315; (2011) 81 NSWLR 690 Ogilvie v Adams [1981] VR 1041 Pilkington v Inland Revenue Commissioners [1964] AC 612 Ramage v Waclaw (1988) 12 NSWLR 84 Re Berry's Trusts (1893) 7 QLJ 63 Re Hammond; Hammond v Hammond (1903) 3 SR (NSW) 270 Re Martin [1956] QWN 2 Re Transplanters (Holding Company) Ltd [1958] 2 All ER 711 Smith v Rynne [2005] NSWCA 77 Stage Club Ltd v Millers Hotels Pty Ltd (1981) 150 CLR 535; [1981] HCA 71 Wong v Burt [2005] 1 NZLR 91 Wood v Inglis [2009] NSWSC 601 Vatcher v Paull [1915] AC 372 Texts Cited: J D Heydon and M J Leeming, Jacobs' Law of Trusts in Australia, (7th ed, 2006) K Lewison and D Hughes, The Interpretation of Contracts in Australia (2012) Lewin on Trusts (10th ed, 2008) Category: Principal judgment Parties: Robert William Fischer (First Plaintiff/Second Cross-Defendant) John Jules Fischer (Second Plaintiff) Andrea Juliana Fischer Musser (Third Plaintiff) Sylvia Beth Fischer Kramer (Fourth Plaintiff) Nemeske Pty Ltd (First Defendant/First Cross Defendant) Lorand Loblay (Second Defendant/First Cross Claimant) Karen Loblay (Third Defendant/Second Cross Claimant) Laura Musser Sloat (Fourth Defendant) Tobias Musser (Fifth Defendant) Eve Fischer Gregg (Sixth Defendant) Seth David Fischer (Seventh Defendant) Todd Musser (Eighth Defendant) Kathleen Elizabeth Fischer (Ninth Defendant) William George Marcel Fischer (Tenth Defendant) Corinne Ayers (Eleventh Defendant) Aaron Kramer (Twelfth Defendant) Marianne Fischer (Thirteenth Defendant) Representation: Counsel: J C Giles with R A Yezerski (Plaintiffs) C J Birch SC with B DeBuse (Second and Third Defendants and Cross Claimants) Solicitors: S Moran & Co (Plaintiffs) Curwoods Lawyers (Second and Third Defendants and Cross Claimants) File Number(s): SC 2013/177990 Publication restriction: Nil