Bruce v Cobcroft [2017] NSWSC 1464

Supreme Court New South Wales

Medium Neutral Citation: Bruce v Cobcroft [2017] NSWSC 1464 Hearing dates: 31 July 2017 Date of orders: 27 October 2017 Decision date: 27 October 2017 Jurisdiction: Equity Before: Ward CJ in Eq Decision: (1) Pursuant to s 81 of the Trustee Act 1925 (NSW) that the plaintiff have such power to mortgage assets of the estate of the late Gavin John Baxter Cobcroft as are necessary for him to raise moneys on the estate assets and otherwise perform the transactions contained in the Deed of Family Arrangement dated on or about 30 June 2017 which is in the form exhibited to the affidavit of Robert Ritchie Bruce sworn 20 July 2017 in these proceedings (the Deed of Family Agreement). (2) Pursuant to s 63 of the Trustee Act 1925 (NSW) that the plaintiff be advised that the plaintiff is justified in entering into and unconditionally performing the obligations imposed upon him contained in the Deed of Family Arrangement and further in administering the estate of the deceased in accordance with the advice dated 20 July 2017 of Dr Christopher Birch SC and Ms Jane Taylor of counsel. (3) Declare that in the events and circumstances that have occurred, as described in the affidavit of Robert Ritchie Bruce dated 20 July 2017, that declaration 3 of the Declarations and Orders made by Young AJA on 17 December 2015 in proceedings 2013/00373067, be varied to include that, pursuant to Clause 10(c)(iv) of the Will of the late Gavin John Baxter Cobcroft, the executor may distribute the net proceeds of sale referred to in the sub-clause or any part thereof, or otherwise make any distribution, by appropriation or other means in regard to the gifts in the said clause to any beneficiaries, after the date upon which any interest of Jennifer Menzies Cobcroft in the property dealt with pursuant to Clause 10 of the Will was extinguished. Catchwords: SUCCESSION – Executors and administrators – Application for judicial advice pursuant to s 63 of the Trustee Act 1925 (NSW)