Ryan, Eunice Catherine Mary & Ors v Carstensz Properties Pty Ltd & Ors [1979] FCA 87

Ryan, Eunice Catherine Mary & Ors v Carstensz Properties Pty Ltd & Ors [1979] FCA 87

The Full Federal Court majority (Bowen CJ, Fisher J) held that there was evidence upon which the trial judge could properly find that Carstensz held the shares in Elmslea Pty. Limited on trust for particular investors in proportions referable to their respective contributions (of cash or security), and declined to disturb that conclusion. Deane J dissented, concluding the shares were held beneficially by Carstensz. The trial judge's factual findings were supported, and the necessary legal test for appellate review was not satisfied for overturning them.

Parties
Appellant (plaintiff): Eunice Catherine Mary Ryan; Appellant (plaintiff): Maureen Patricia Taylor; Appellant (plaintiff): William Patrick Ryan, Jnr. (by his next friend Eunice Catherine Mary Ryan); Appellant (plaintiff): Patricia Louise Ryan (by her next friend Eunice Catherine Mary Ryan); Appellant (plaintiff and Defendant to Counter Claim): W.P. Ryan Pty. Limited; Appellant (defendant to Counter Claim): William Patrick Ryan; Respondent (defendant / Defendant to Counter Claim): Carstensz Properties Pty. Limited; Respondent (defendant / Counter Claimant): Paul James Reardon; Respondent (defendant / Defendant to Counter Claim): Faith Anne Small; Respondent (defendant): Elmslea Pty. Limited; Respondent (defendant): Francis Paul Reardon; Respondent (defendant): John Bede Reardon; Respondent (defendant / Counter Claimant): Harry Cassidy; Respondent (defendant): Forest Pastoral Company Pty. Limited; Respondent (defendant to Counter Claim): J.C. Rennes Pty. Limited; Respondent (defendant to Counter Claim): Vincent Gallagher; Respondent (defendant to Counter Claim): J.C. Rennes
Jurisdiction
Australia
Judgment Date
10 September 1979
Procedural Posture
Appeal / Appeal From Supreme Court of the Australian Capital Territory (fox J.), Before Full Federal Court
Outcome
Appeal dismissed (by majority)
Legal Topics
Acquisition of Shares, Beneficial Ownership, Resulting/express Trusts
Equity Trusts Acquisition of Shares Beneficial Ownership Resulting/express Trusts

Case Brief

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Parties

Eunice Catherine Mary Ryan

Appellant (plaintiff)

Maureen Patricia Taylor

Appellant (plaintiff)

William Patrick Ryan, Jnr. (by his next friend Eunice Catherine Mary Ryan)

Appellant (plaintiff)

Patricia Louise Ryan (by her next friend Eunice Catherine Mary Ryan)

Appellant (plaintiff)

W.P. Ryan Pty. Limited

Appellant (plaintiff and Defendant to Counter Claim)

William Patrick Ryan

Appellant (defendant to Counter Claim)

Carstensz Properties Pty. Limited

Respondent (defendant / Defendant to Counter Claim)

Paul James Reardon

Respondent (defendant / Counter Claimant)

Faith Anne Small

Respondent (defendant / Defendant to Counter Claim)

Elmslea Pty. Limited

Respondent (defendant)

Francis Paul Reardon

Respondent (defendant)

John Bede Reardon

Respondent (defendant)

Harry Cassidy

Respondent (defendant / Counter Claimant)

Forest Pastoral Company Pty. Limited

Respondent (defendant)

J.C. Rennes Pty. Limited

Respondent (defendant to Counter Claim)

Vincent Gallagher

Respondent (defendant to Counter Claim)

J.C. Rennes

Respondent (defendant to Counter Claim)

Procedural Posture

Appeal / Appeal From Supreme Court of the Australian Capital Territory (fox J.), Before Full Federal Court

Legal Issues

  1. 1 Whether Carstensz Properties Pty. Limited held shares in Elmslea Pty. Limited beneficially or on trust for its shareholders
  2. 2 Appropriate appellate standard for review of inference drawn from facts by trial judge

Ratio Decidendi

The Full Federal Court majority (Bowen CJ, Fisher J) held that there was evidence upon which the trial judge could properly find that Carstensz held the shares in Elmslea Pty. Limited on trust for particular investors in proportions referable to their respective contributions (of cash or security), and declined to disturb that conclusion. Deane J dissented, concluding the shares were held beneficially by Carstensz. The trial judge's factual findings were supported, and the necessary legal test for appellate review was not satisfied for overturning them.

Court Disposition

Appeal dismissed (by majority)

Orders

  • Declaration that 50 shares in Elmslea Pty. Limited were held by Carstensz Properties Pty. Limited (or, as relevant, Mr Harry Cassidy) on trust for listed investors in stated proportions (subject to accounting adjustments as needed)
  • Ancillary orders to be addressed by provision of short minutes of order