Cisera v Cisera Holdings Pty Ltd

(2018) 98 NSWLR 747; [2018] NSWCA 286

NSW Court of Appeal

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Interrogate

Catchwords

1. Equity
2. › Trusts and trustees
3. › Powers of trustees
4. › Statutory jurisdiction to confer powers on trustees
5. › Whether s 81(1) of Trustee Act 1925 (NSW) authorises orders extending vesting date of trust
6. › Whether order to manage trust property beyond Terminal Date is in substance variation of trust terms
7. › Whether Re Dion Investments correctly decided
8. › Trustee Act 1925 (NSW), s 81
1. Equity
2. › Trusts and trustees
3. › Variation of trusts
4. › Absence of variation of trusts legislation in New South Wales
5. › Distinction between management and administration of trust property and substantive alteration of trust terms
6. › Trustee Act 1925 (NSW), s 81
1. Appeal
2. › Standard of appellate review
3. › Evaluative judgment of primary judge
4. › Whether expedient to make orders under s 81(1)
5. › Whether [name withheld] v The King error demonstrated

Quick Take

Section 81(1) of the Trustee Act 1925 (NSW) cannot be used to extend the vesting date of a trust, as such an order is in substance a variation of the terms of the trust rather than a dealing in the management or administration of trust property; legislative reform is needed in NSW to provide for variation of trusts.