Camperdown Prime Pty Ltd [2018] NSWSC 106

Camperdown Prime Pty Ltd [2018] NSWSC 106

The summons was dismissed because the advice sought concerned commercial choices about whether and how to sell option rights or allow a call option to lapse, the summons did not identify a proper crystallised question for judicial advice, the relevant issue was premature, and the evidence did not show any realistic conflict among beneficiaries or likely claim against the trustee requiring protection under s 63.

Jurisdiction
Australia
Judgment Date
13 February 2018
Procedural Posture
Application by a Trustee for Judicial Advice Pursuant to S 63 of the Trustee Act / Principal Judgment on Summons
Outcome
Summons dismissed; no order as to costs.
Legal Topics
['trustee Act S 63 Judicial Advice' 'trustee Protection From Breach of Trust Claims' 'trust Management or Administration' 'commercial Choices by Trustee' 'call Option and Nomination Rights']
['trusts' 'equity'] ['trustee Act S 63 Judicial Advice' 'trustee Protection From Breach of Trust Claims' 'trust Management or Administration' 'commercial Choices by Trustee' 'call Option and Nomination Rights']

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Procedural Posture

Application by a Trustee for Judicial Advice Pursuant to S 63 of the Trustee Act / Principal Judgment on Summons

Legal Issues

  1. 1 ['Whether the trustee should be given judicial advice under s 63 of the Trustee Act about allowing a call option to expire or taking steps to sell the option or nomination rights.' 'Whether the application was appropriate where the questions depended on commercial considerations, no crystallised conundrum had arisen, and no realistic conflict or claim against the trustee was shown.']

Ratio Decidendi

The summons was dismissed because the advice sought concerned commercial choices about whether and how to sell option rights or allow a call option to lapse, the summons did not identify a proper crystallised question for judicial advice, the relevant issue was premature, and the evidence did not show any realistic conflict among beneficiaries or likely claim against the trustee requiring protection under s 63.

Court Disposition

Summons dismissed; no order as to costs.

Orders

  • ['The summons is dismissed.' 'No order as to costs.']