28 Sept 2006
CORNERSTONE GROUP LTD V EDISON LTD HC AK CIV-2006-404-2025
- Citation
- openlaw-e62ac16b_0a75_4302_82e4_30122a3b1c02.pdf
- Court
- High Court
Clause 5(o) constituted an appointment of Cornerstone as Edison's agent (or at minimum an agreement that any procured purchase would be in Edison's name); Cornerstone breached that obligation by entering into and completing the Glover agreement in its own name; the breach was fiduciary in nature and equity imposes a constructive trust over Cornerstone's equitable interest in the Glover land in favour of Edison; the appropriate relief is to require nomination of Edison as purchaser, indemnity for short-term liabilities and leave to apply for further orders.