Fischer v Nemeske Pty Ltd [2015] NSWCA 6

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Fischer v Nemeske Pty Ltd [2015] NSWCA 6 Hearing dates: 21 November 2014 Date of orders: 11 February 2015 Decision date: 11 February 2015 Before: Beazley P at [1]; Barrett JA at [2]; Ward JA at [148] Decision: Appeal dismissed with costs. Catchwords: EQUITY – trusts and trustees – powers of trustees – maintenance and advancement – power of trustee to "advance or raise any part or parts of the whole of the capital or income of the Trust Funds and to pay or to apply the same as the Trustee shall think fit for the maintenance education advancement in life or benefit of any of the Specified Beneficiaries" – where trustee revalued sole asset constituting the trust property and resolved to "distribute" the whole of the resultant revaluation reserve to two beneficiaries jointly – whether the particular power was thereby exercised – whether those beneficiaries could bring an action in debt against the trustee – whether the trustee had by a subsequent deed validly covenanted to make payment to the particular beneficiaries – LIMITATION OF ACTIONS – covenant to pay on demand – time runs from time of covenant notwithstanding absence of demand – whether the cause of action was acknowledged within the originally applicable limitation period so as to cause a renewed limitation period to apply – EQUITY – trusts and trustees – terms of trust – express power to vary in any way – particular power to alter vesting date – purported exercise of the general power so as to alter the vesting date retrospectively – whether the general power was available in the face of the express power – whether a particular limit upon the general power operated to preclude the variation purportedly made Legislation Cited: Companies (New South Wales) Code Limitation Act 1969 (NSW) Trustee Act 1925 (NSW) Cases Cited: AF & ME Pty Ltd v Aveling (1994) 14 ACSR 499 Allen v Gold Reefs of West Africa Ltd [1900] 1 Ch 656 Bartlett v Dimond (1845) 14 M & W 49; 153 ER 385 Chianti Pty Ltd v Leume Pty Ltd [2007] WASCA 270; 35 WAR 488 Chief Commissioner of Stamp Duties (NSW) v Buckle [1998] HCA 4; 192 CLR 226 Clark v Inglis [2010] NSWCA 144; 79 ATR 447 Collins v Benning (1700) 12 Mod 444; 88 ER 1440 Commissioner of Inland Revenue v Ward [1970] NZLR 1 Edwards v Lowndes (1852) 1 E & B 81; 118 ER 367 Global Custodians Ltd v Mesh [2002] NSWSC 47 Gra-Ham Australia Pty Ltd v Perpetual Trustees WA Ltd (1989) 1 WAR 65 HCK China Investments Ltd v Solar Honest Ltd [1999] FCA 1156; 165 ALR 680 Lawrie v Bankes (1858) 4 K & J 142; 70 ER 59 MSP Nominees Pty Ltd v Commissioner of Stamps [1999] HCA 51; 198 CLR 494 Ogilvie v Adams [1981] VR 1041 Pepe v City and Suburban Permanent Building Society [1893] 2 Ch 311 R v Brown [1912] HCA 6; 14 CLR 17 Re Baron Vestey's Settlement; Lloyds Bank Ltd v O'Meara [1951] Ch 209 Re Coliseum (Barrow), Ltd [1930] 2 Ch 44 Re Suenson-Taylor's Settlement Trusts [1974] 1 WLR 1280 Re Transplanters (Holding Company) Ltd [1958] 1 WLR 822 Roxborough v Rothmans of Pall Mall Australia Ltd [2001] HCA 68; 208 CLR 516 Peters' American Delicacy Co Ltd v Heath [1939] HCA 2; 61 CLR 457 Shuttleworth v Cox Brothers & Co (Maidenhead) Ltd [1927] 2 KB 9 Sidebottom v Kershaw Leese & Co Ltd [1920] 1 Ch 154 Stage Club Ltd v Millers Hotels Pty Ltd [1981] HCA 71; 150 CLR 535 Wood v Inglis [2009] NSWSC 601 Young v Queensland Trustees Ltd [1956] HCA 51; 99 CLR 560 Texts Cited: A F Rath, Principles and Precedents of Pleading in the Supreme Court of New South Wales at Common Law (1961, The Law Book Co of Australasia Pty Ltd) Category: Principal judgment Parties: Robert William Fischer – First Appellant John Jules Fischer – Second Appellant Andrea Juliana Fischer Musser – Third Appellant Sylvia Beth Fischer Kramer – Fourth Appellant Nemeske Pty Limited – First Respondent Lorand Loblay – Second Respondent Karen Loblay – Third Respondent Laura Musser Sloat – Fourth Respondent Tobias Musser – Fifth Respondent Eve Fischer Gregg – Sixth Respondent Seth David Fischer – Seventh Respondent Todd Musser – Eighth Respondent Kathleen Elizabeth Fischer – Ninth Respondent William George Marcel Fischer – Tenth Respondent Corinne Ayers – Eleventh Respondent Aaron Kramer – Twelfth Respondent Marianne Fischer – Thirteenth Respondent Representation: Counsel: Mr N C Hutley SC/Mr R A Yezerski (Appellants) Dr C J Birch SC/Mr B DeBuse – (First, Second and Third Respondents) Solicitors: S Moran & Co (Appellants) Curwoods Lawyers (First, Second and Third Respondents) File Number(s): CA 2014/120230 Decision under appeal Court or tribunal: Supreme Court of New South Wales Jurisdiction: Equity Division Citation: [2014] NSWSC 203 Date of Decision: 2013/177990 Before: Stevenson J File Number(s): 2013/177990