Christopher John De Lorenzo in his capacity as an executor of the Estate of the late Patricia Ellen De Lorenzo v Vincent Joseph De Lorenzo in his personal capacity & in his capacity as an executor of the Estate of the late Patricia Ellen De Lorenzo [2020] NSWSC 188

Christopher John De Lorenzo in his capacity as an executor of the Estate of the late Patricia Ellen De Lorenzo v Vincent Joseph De Lorenzo in his personal capacity & in his capacity as an executor of the Estate of the late Patricia Ellen De Lorenzo [2020] NSWSC 188

Clause 10 should be construed as giving the shares to all three beneficiaries as tenants in common in equal proportions. The 'division' references interests, not parcels of shares, and the intent was to achieve equal ownership as far as possible. There is no legal or practical inhibition to the shares being owned in this manner, and the plaintiffs' construction is inconsistent with the wording and context of the will.

Jurisdiction
Australia
Judgment Date
06 March 2020
Procedural Posture
Equity Commercial List / Principal Judgment
Outcome
Summons dismissed
Legal Topics
['will Construction' 'bequest of Company Shares' 'tenancy in Common']
['succession'] ['will Construction' 'bequest of Company Shares' 'tenancy in Common']

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Procedural Posture

Equity Commercial List / Principal Judgment

Legal Issues

  1. 1 ['Proper construction of Clause 10 of the Will of Patricia Ellen De Lorenzo regarding distribution of company shares not divisible by three']

Ratio Decidendi

Clause 10 should be construed as giving the shares to all three beneficiaries as tenants in common in equal proportions. The 'division' references interests, not parcels of shares, and the intent was to achieve equal ownership as far as possible. There is no legal or practical inhibition to the shares being owned in this manner, and the plaintiffs' construction is inconsistent with the wording and context of the will.

Court Disposition

Summons dismissed

Orders

  • []