22 May 2019
ENRIGHT v ENRIGHT [2019] NZHC 1124
- Citation
- [2019] NZHC 1124
- Court
- High Court
The trustees' purported annual reservations from 1994 to 2008 were invalid because they were not made unanimously and trustee Thomson failed to exercise an independent discretion, being fettered by the settlor's overriding intention; as a result the residue of net annual income vested in the income beneficiaries on each balance date (including proceeds of Wye Creek and a 2007 dividend), certain vested income was traceable into SLH and SLH unconscionably received that income; limitation did not bar the successful plaintiffs (except one) because the fraud/concealment concealed the causes of act…