Perpetual Trustee Company Ltd (No 3) [2017] NSWSC 1216

Supreme Court New South Wales

Medium Neutral Citation: Perpetual Trustee Company Ltd (No 3) [2017] NSWSC 1216 Hearing dates: 7 September 2017 Decision date: 12 September 2017 Jurisdiction: Equity Before: Stevenson J Decision: Advice given that Trustee justified in concluding that it should distribute to beneficiary income for the years ended 30 June 2014, 2015 and 2016, and should distribute such income for the year ended 30 June 2017 unless it positively forms an opinion prior to 30 September 2017 that beneficiary will not apply those funds for the relevant charitable purpose Catchwords: TRUST AND TRUSTEES – JUDICIAL ADVICE – charitable trust in a will – proper construction of the will – whether trustee must form opinion that beneficiary shall not in the future apply funds for the charitable purpose within three months of the end of the financial year – whether trustee justified in forming the opinion that beneficiary will not apply income for that charitable purpose Legislation Cited: Trustee Act 1925 (NSW) Cases Cited: Australian Youth & Health Foundation v Perpetual Trustee Company Ltd [2017] NSWCA 127 Australian Youth & Health Foundation v Perpetual Trustee Company Ltd (No 2) [2017] NSWCA 165 Crook v Hill (1871) L.R. 6 Ch., 311 Fell v Fell (1922) 31 CLR 268; HCA 55 Finch v Telstra Super Pty Ltd (2010) 242 CLR 254; HCA 36 Langston v Langston (1834) 2 C1. & F., 194 Perpetual Trustee Company Ltd [2016] NSWSC 1273 Scale v Rawlins (1892) A.C., 342 Upton v Lord Ferrers (1801) 5 Ves., 801 Category: Principal judgment Parties: Perpetual Trustee Company Limited (Plaintiff) Australian Youth and Health Foundation (Interested Party) Representation: Counsel: B A Coles QC with S Robertson (Plaintiff) N A Cotman SC with D D Knoll (Interested Party)