Global Custodians Ltd v Mesh [1999] NSWSC 624

Global Custodians Ltd v Mesh [1999] NSWSC 624

The assignments executed by the Speights and Greenlees transferred only ultimate interests in the trust fund to the plaintiff and did not permit the plaintiff to maintain proceedings in its own name absent inclusion of the assignors as parties. As the plaintiff lacked locus standi at the time proceedings commenced, the suit cannot proceed without further amendment or proper plaintiffs. Assignment of procedural rights to inspect or call for account does not vest in the assignee. Thus, interim relief for inspection of trust accounts is refused.

Parties
Plaintiff: Global Custodians Limited; First Defendant: Pamela Ann Mesh; Second Defendant: Helen Chuproff; Third Defendant: Hari Bhagat
Jurisdiction
Australia
Judgment Date
25 June 1999
Procedural Posture
Civil / Interlocutory Judgment on Questions of Standing and Assignment
Outcome
No interim relief granted; suit stood over to be mentioned.
Legal Topics
Trusts, Power to Amend Trust Deed, Beneficiary's Right to Assign, Assignment of Trust Interest, Inspection of Trust Accounts, Standing in Equity Proceedings
Equity Trusts Power to Amend Trust Deed Beneficiary's Right to Assign Assignment of Trust Interest Inspection of Trust Accounts Standing in Equity Proceedings

Case Brief

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Parties

Global Custodians Limited

Plaintiff

Pamela Ann Mesh

First Defendant

Helen Chuproff

Second Defendant

Hari Bhagat

Third Defendant

Procedural Posture

Civil / Interlocutory Judgment on Questions of Standing and Assignment

Legal Issues

  1. 1 Were the Speights and the Greenlees beneficiaries of the Estate Mortgage Fighting Fund Trust?
  2. 2 Was the deed of assignment executed by the Speights and Greenlees valid to assign their rights as beneficiaries to the plaintiff?
  3. 3 Does the plaintiff have locus standi to maintain these proceedings?

Ratio Decidendi

The assignments executed by the Speights and Greenlees transferred only ultimate interests in the trust fund to the plaintiff and did not permit the plaintiff to maintain proceedings in its own name absent inclusion of the assignors as parties. As the plaintiff lacked locus standi at the time proceedings commenced, the suit cannot proceed without further amendment or proper plaintiffs. Assignment of procedural rights to inspect or call for account does not vest in the assignee. Thus, interim relief for inspection of trust accounts is refused.

Court Disposition

No interim relief granted; suit stood over to be mentioned.

Orders

  • No interim relief for inspection of books of account is granted at present.
  • Suit stood over to be mentioned on 16 July 1999.