Port of Brisbane Corp v ANZ Securities

[2002] QCA 158

Queensland Court of Appeal

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Interrogate

Catchwords

1. Restitution
2. › Money had and received
3. › Payment under mistake of fact
4. › Payment to agent
5. › Whether agent who has paid away money to principal before notice of mistake is liable
6. › Defence of change of position
7. › Whether paying away on principal's instructions constitutes acting 'on the faith of the receipt'
1. Restitution
2. › Unjust enrichment
3. › Payment to agent
4. › Whether agent enriched where money paid away to principal
5. › Whether enrichment 'at the expense of' the payer
1. Equity
2. › Trusts
3. › Resulting trusts
4. › Whether resulting trust arises over money paid under mistake of fact to agent
5. › Whether trust property remains in hands of agent after payment to principal
1. Equity
2. › Trusts
3. › Breach of trust
4. › Trustee unaware of identity of true beneficial owner
5. › Whether breach occurs on payment to supposed beneficiary or only on becoming aware of true owner

Quick Take

An agent (including a stockbroker) who receives money paid under a mistake of fact and pays it away to its principal in the ordinary course of business before receiving notice of the mistake is not liable to the payer in restitution, trust, or for breach of fiduciary duty. The payer's recourse is against the principal. The defence of change of position is available to an agent who pays away money on the principal's instructions before learning of the payer's claim, as such payment constitutes acting 'on the faith of the receipt'.