Perpetual Trustee Company Ltd v Corbett (No 2) [2018] NSWSC 497

Perpetual Trustee Company Ltd v Corbett (No 2) [2018] NSWSC 497

The plaintiff trust company is ordered to transfer the Maldon Property to Mr Corbett as beneficial owner, pay him net rent received from the property since 4 October 2012 (but not mesne profits for unlet periods), and pay the defendants’ costs on an ordinary basis until 7 April 2016 and indemnity basis from 8 April 2016, as Perpetual unreasonably declined a Calderbank offer. The plaintiff is indemnified from the estate for costs, including those payable to itself per the orders. Mr Corbett’s bid for exclusion of his share from indemnification was refused for lack of authority.

Jurisdiction
Australia
Judgment Date
23 April 2018
Procedural Posture
Equity Proceedings (trust and Estate Dispute) / Post Judgment Orders and Costs Assessment
Outcome
Orders made as set out in par 43; declaration of beneficial ownership, transfer of property ordered, rent/interest to be paid, costs orders as specified.
Legal Topics
['judgments and Orders' 'beneficial Interest in Land' 'trustee Costs Indemnity' 'offers of Compromise' 'calderbank Offers' 'basis of Costs Quantification']
['equity' 'trusts and Estates' 'civil Procedure'] ['judgments and Orders' 'beneficial Interest in Land' 'trustee Costs Indemnity' 'offers of Compromise' 'calderbank Offers' 'basis of Costs Quantification']

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Procedural Posture

Equity Proceedings (trust and Estate Dispute) / Post Judgment Orders and Costs Assessment

Legal Issues

  1. 1 ['Orders required to give effect to the principal judgment regarding beneficial ownership of property and rent payments' 'Whether to order payment of mesne profits in addition to rent received' 'Basis for quantification of costs: ordinary or indemnity' 'Effectiveness of Offers of Compromise and Calderbank offers on costs orders' "Entitlement of trustee to indemnity out of the trust estate and effect on beneficiary's share"]

Ratio Decidendi

The plaintiff trust company is ordered to transfer the Maldon Property to Mr Corbett as beneficial owner, pay him net rent received from the property since 4 October 2012 (but not mesne profits for unlet periods), and pay the defendants’ costs on an ordinary basis until 7 April 2016 and indemnity basis from 8 April 2016, as Perpetual unreasonably declined a Calderbank offer. The plaintiff is indemnified from the estate for costs, including those payable to itself per the orders. Mr Corbett’s bid for exclusion of his share from indemnification was refused for lack of authority.

Court Disposition

Orders made as set out in par 43; declaration of beneficial ownership, transfer of property ordered, rent/interest to be paid, costs orders as specified.

Orders

  • ['Declaration that first cross claimant is entitled to full legal and beneficial interest in the Maldon Property at 240 Picton Road, Maldon.' 'Plaintiff to deliver, within 7 days, executed transfer and certificate of title to the first cross claimant.' 'Cross defendant to pay to first cross claimant net rent...