Application of NSW Trustee and Guardian [2023] NSWSC 966

Application of NSW Trustee and Guardian [2023] NSWSC 966

NSW Trustee and Guardian would be justified in proceeding to exchange contracts with CBC to sell the property at 130-132 Coogee Bay Road, Coogee for $8 million with a 12 month settlement, having tested the market and reasonably preferred the certainty of the CBC offer over the uncertainty and conditionality of the competing Wardy Offer. The process and discretion exercised by the trustee and the supporting evidence meet the standards required under s 63 of the Trustee Act 1925 (NSW), and it is in the best interests of the estate for the sale to proceed.

Jurisdiction
Australia
Judgment Date
17 August 2023
Procedural Posture
Application for Judicial Advice / Final Hearing and Orders
Outcome
Orders made granting judicial advice sought; costs to be paid out of estate on indemnity basis.
Legal Topics
['trustees – Judicial Advice' 'executor Powers – Administration of Estate' 'sale of Estate Assets' 'application of Trustee Act 1925 (nsw) S 63' 'practice in Judicial Advice Proceedings']
['equity' 'estates and Trusts'] ['trustees – Judicial Advice' 'executor Powers – Administration of Estate' 'sale of Estate Assets' 'application of Trustee Act 1925 (nsw) S 63' 'practice in Judicial Advice Proceedings']

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Procedural Posture

Application for Judicial Advice / Final Hearing and Orders

Legal Issues

  1. 1 ['Whether the NSW Trustee and Guardian would be justified in selling the property at 130-132 Coogee Bay Road, Coogee for $8 million with a 12 month settlement period' 'Discretion whether to give judicial advice in contested circumstances' 'Whether the proposed sale is in the best interests of the trust estate']

Ratio Decidendi

NSW Trustee and Guardian would be justified in proceeding to exchange contracts with CBC to sell the property at 130-132 Coogee Bay Road, Coogee for $8 million with a 12 month settlement, having tested the market and reasonably preferred the certainty of the CBC offer over the uncertainty and conditionality of the competing Wardy Offer. The process and discretion exercised by the trustee and the supporting evidence meet the standards required under s 63 of the Trustee Act 1925 (NSW), and it is in the best interests of the estate for the sale to proceed.

Court Disposition

Orders made granting judicial advice sought; costs to be paid out of estate on indemnity basis.

Orders

  • ['The Plaintiff would be justified in selling the property at 130-132 Coogee Bay Road, Coogee, New South Wales, being the whole of the land comprised in certificate of title folio identifier B/102102 for an amount of $8 million with a settlement period of 12 months.' "The Plaintiff's costs of the proceedings be paid...