Thornley v Boyd [1925] HCA 41

Thornley v Boyd [1925] HCA 41

On proper construction of the will, proceeds from the sale of sheep at the termination of the grazing business are corpus, not income; beneficiaries are entitled only to periodic income as accounted in business, not to profits from such ultimate sales.

Parties
Appellants; Defendants: Thornley and Others; Respondents; Defendant and Plaintiffs: Boyd and Others; Respondents; Trustees: William Boyd and Union Trustee Co. of Australia Ltd.; Respondent; Representing Grandchildren: Douglas Thornley Boyd
Jurisdiction
Australia
Judgment Date
29 October 1925
Procedural Posture
Appeal / On Appeal From the Supreme Court of Victoria
Outcome
appeal dismissed
Legal Topics
Construction of Will, Gift of Income, Appropriation of Sale Proceeds, Corpus Vs Income
Wills and Estates Trusts Construction of Will Gift of Income Appropriation of Sale Proceeds Corpus Vs Income

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Parties

Thornley and Others

Appellants; Defendants

Boyd and Others

Respondents; Defendant and Plaintiffs

William Boyd and Union Trustee Co. of Australia Ltd.

Respondents; Trustees

Douglas Thornley Boyd

Respondent; Representing Grandchildren

Procedural Posture

Appeal / On Appeal From the Supreme Court of Victoria

Legal Issues

  1. 1 Whether profits from sale of sheep at station constitute corpus or income for purposes of distribution under the will
  2. 2 Interpretation of testator's intention regarding trust property and income allocation

Ratio Decidendi

On proper construction of the will, proceeds from the sale of sheep at the termination of the grazing business are corpus, not income; beneficiaries are entitled only to periodic income as accounted in business, not to profits from such ultimate sales.

Court Disposition

appeal dismissed

Orders

  • Appeal dismissed with costs.