New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Trustee directions under s66

Legal area

Court

30 Nov 2017

Re PV Trust Services Limited [2017] NZHC 2957

Citation

[2017] NZHC 2957
Court

High Court

Section 66 of the Trustee Act 1956 authorises a trustee to seek directions for a momentous proposed course of dealing without the need to demonstrate genuine doubt; the court will approve (give its 'blessing' to) a proposed exercise of trustee discretion where the trustee has lawful powers, has genuinely formed the view, has provided full disclosure, no conflict of interest exists, and the proposal is one which a reasonable body of trustees properly instructed could reach. Applying those principles, the Court held PV Trust Services Ltd had the power, had acted appropriately, and its proposed…
24 Jul 2006

MAASSEN V CLOUGH AND ORS HC PMN CIV-2006-454-241

Citation

openlaw-02b72b1e_719e_4326_ba0f_e7165445b7c9.pdf
Court

High Court

The Court directed that interest on the original $70,000 legacy runs from the end of the executors' year (31 August 2000) at the rate in Administration Act s39(2) unless $70,000 has been specifically appropriated in which case the legatee receives income actually earned; and that the additional $80,000 (the difference between the substituted $150,000 and the original $70,000) is treated as payable from the High Court judgment date (6 May 2004) and attracts interest from that date until payment at the judgment interest rate; s66 Trustees Act authorises the Court to make these directions.