29 May 2014
LYON v AK651441 LTD [2014] NZHC 1178
- Citation
- [2014] NZHC 1178
- Court
- High Court
The Court held on the balance of probabilities that the March 1996 declaration of trust sufficiently manifested a trust in writing such that Lyon retained a beneficial 50% interest in the 150 year lease; the 1997 Lazona loan agreement was confined to the 'project' (development, construction and sale of the secondary units) and replaced only the joint venture entitlement to project profits, it did not extinguish Lyon's beneficial interest in the lease; Ridley breached the joint venture and attendant fiduciary obligations and must account, and the principal units transferred to QST are held sub…