20 Aug 2019
REID v CASTLETON-REID [2019] NZCA 372
- Citation
- [2019] NZCA 372
- Court
- Court of Appeal
The Court allowed the appeal, holding there was insufficient evidence of a present inter vivos gift of $1,700,000 to the son and that, absent clear evidence to the contrary, a resulting trust in favour of the father arose in relation to the funds placed in the son's trading account; the presumption of advancement did not apply on these facts. Proceeds of certain share sales (Air NZ and Auckland Airport) were properly the son's. The matter was remitted for a High Court hearing to quantify parties' respective interests and resolve affirmative defences.