3 Dec 2020
S A MORRISON and THE AUDAINE TRUST TRUSTEES LTD v AUTUMNAL INVESTMENTS LTD [2020] NZHC 3189
- Citation
- [2020] NZHC 3189
- Court
- High Court
On the balance of probabilities the Court found that Morrison and O'Reilly discussed and agreed a 'no cost trustee' arrangement in early April 2013 and at the 12 April 2013 meeting; Morrison was induced by O'Reilly's oral undertaking to transfer the properties and would not have done so otherwise; denial of the common intention would be fraudulent in equity; accordingly Autumnal holds the properties as trustee of an institutional constructive trust for the Audaine Trust and equitable relief (declaration and vesting subject to payment of mortgage, agreed trustee remuneration and reimbursement)…