Global Custodians Ltd v Mesh [2002] NSWSC 47

Global Custodians Ltd v Mesh [2002] NSWSC 47

It was found, on the balance of probabilities, that both Speights and Greenlees made contributions qualifying them as beneficiaries under the Trust; their assignments to Global Custodians Ltd were valid only to a limited extent, and as joined parties they or their assignee are entitled to inspect the trust books. Amending deeds did not retrospectively invalidate rights. The collateral purpose defence failed as the plaintiffs' motive was genuine exercise of legal rights.

Jurisdiction
Australia
Judgment Date
14 February 2002
Procedural Posture
Equity Trust Dispute / Post Rehearing Judgment on Specific Questions; Orders and Directions for Short Minutes
Outcome
Proceedings 3354/99 dismissed with costs; proceedings 3156/99 dismissed as otiose with no order for costs; orders made in 2539/98 declaring plaintiffs' rights of access to trust books; matter stood over for short minutes to be brought in.
Legal Topics
['beneficiary Rights' 'trust Deed Amendment' 'assignment of Trust Interests' 'inspection of Trust Accounts']
['equity' 'trusts'] ['beneficiary Rights' 'trust Deed Amendment' 'assignment of Trust Interests' 'inspection of Trust Accounts']

Case Brief

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Procedural Posture

Equity Trust Dispute / Post Rehearing Judgment on Specific Questions; Orders and Directions for Short Minutes

Legal Issues

  1. 1 ['Whether Speights and Greenlees were beneficiaries of Estate Mortgage Fighting Fund Trust' 'Validity of assignment of beneficiary rights to plaintiff' 'Effectiveness and consequences of trust deed amendments' 'Entitlement to inspection of trust books and accounts' 'Collateral purpose in litigation']

Ratio Decidendi

It was found, on the balance of probabilities, that both Speights and Greenlees made contributions qualifying them as beneficiaries under the Trust; their assignments to Global Custodians Ltd were valid only to a limited extent, and as joined parties they or their assignee are entitled to inspect the trust books. Amending deeds did not retrospectively invalidate rights. The collateral purpose defence failed as the plaintiffs' motive was genuine exercise of legal rights.

Court Disposition

Proceedings 3354/99 dismissed with costs; proceedings 3156/99 dismissed as otiose with no order for costs; orders made in 2539/98 declaring plaintiffs' rights of access to trust books; matter stood over for short minutes to be brought in.

Orders

  • ['Proceedings 3354 of 1999 dismissed with costs.' 'Proceedings 3156 of 1999 dismissed as otiose with no order as to costs.' "Orders in 2539 of 1998 declaring plaintiffs' rights of access to trust books, with executive order to permit inspection." 'Plaintiffs directed to bring in short minutes.' "Judgment reasons to...