Jonsue Investments Pty Ltd v Balweb Pty Ltd [2013] NSWSC 325

On the proper construction of the Balweb Trust deed, the plaintiff as unitholder has a beneficial (equitable) interest in the trust assets, including the subject land, sufficient to support a caveat under s 74F(1) Real Property Act 1900.

Parties: Plaintiff: Jonsue Investments Pty Ltd; Defendant: Balweb Pty Ltd
Jurisdiction: Australia
Judgment Date: 12 April 2013
Procedural Posture: Interlocutory Application / Application for Extension of Caveat Under S 74 K(2) Real Property Act 1900
Outcome: Application successful—caveat extended until further order.
Legal Topics: Torrens Title, Caveats Against Dealings, Unit Trusts and Interests in Trust Property

Real Property Equity Torrens Title Caveats Against Dealings Unit Trusts and Interests in Trust Property

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Parties

Jonsue Investments Pty Ltd

Plaintiff

Balweb Pty Ltd

Defendant

Procedural Posture

Interlocutory Application / Application for Extension of Caveat Under S 74 K(2) Real Property Act 1900

Legal Issues

1 Whether a unitholder of a unit trust has a 'legal or equitable estate or interest' in land that is trust property and thus a caveatable interest under s 74F(1) of the Real Property Act 1900
2 Whether the plaintiff, as unitholder, can sustain a caveat on the property held by the defendant as trustee

Ratio Decidendi

Court Disposition

Application successful—caveat extended until further order.

Orders

Caveat extended until further order (see paras [48]-[50]).
Prima facie order for the defendant to pay the plaintiff's costs, with final decision on costs reserved subject to hearing the parties.