The Court held that where a trustee drew down additional borrowings against trust property after becoming aware of the beneficiary's interest, those borrowings must be borne against the trustee's share of the net sale proceeds rather than reducing the beneficiary's entitlement. The Court also held that a prior payment of $212,000 sourced from the trustee but paid to the beneficiary as part consideration for a separate property transaction with a third party could not be set off against the beneficiary's trust entitlement, as any restitutionary claim for that sum would lie at the suit of the third party, not the trustee.
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