AUSTRUST LTD (Formerly Known as Elders Trustee and Executor Co Ltd) v YSF PTY LTD [1993] NSWCA 12

AUSTRUST LTD (Formerly Known as Elders Trustee and Executor Co Ltd) v YSF PTY LTD [1993] NSWCA 12

On proper construction of the Trust Deed, the manager was acting as agent of the trustee in purchasing stock feed necessary to keep the trust property (the pigs) alive. Therefore, the trustee was liable for the debt incurred to YSF Pty Ltd.

Parties
Appellant: Austrust Ltd (Formerly Known as Elders Trustee and Executor Co Ltd); Respondent: YSF Pty Ltd
Jurisdiction
Australia
Judgment Date
26 May 1993
Procedural Posture
Appeal / Judgment
Outcome
appeal dismissed
Legal Topics
Public Unit Trusts, Agency Authority of the Manager, Liability for Debts Incurred by Manager
Trusts Agency Commercial Law Public Unit Trusts Agency Authority of the Manager Liability for Debts Incurred by Manager

Case Brief

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Parties

Austrust Ltd (Formerly Known as Elders Trustee and Executor Co Ltd)

Appellant

YSF Pty Ltd

Respondent

Procedural Posture

Appeal / Judgment

Legal Issues

  1. 1 Whether the manager of a public unit trust had authority as agent for the trustee to purchase pig feed on credit, making the trustee liable for the resulting debt

Ratio Decidendi

On proper construction of the Trust Deed, the manager was acting as agent of the trustee in purchasing stock feed necessary to keep the trust property (the pigs) alive. Therefore, the trustee was liable for the debt incurred to YSF Pty Ltd.

Court Disposition

appeal dismissed

Orders

  • Appeal dismissed.
  • Appellant to pay respondent's costs.