COMMISSION TO TRUSTEE

Press, Volume LXXXII, Issue 24986, 21 September 1946, Page 2

COMMISSION TO TRUSTEE

APPEAL COURT DECISION RESERVED (P.A.) WELLINGTON, Sept. 20. The Court of Appeal to-day considered the appeal of Cyril Palmer Brown, of Wanganui, solicitor, from the judgment {if the Supreme Court, given on April 17 ast, on an originating summons brought by the appellant as the sole surviving trustee of the will of Robert Pharazyn, late of Wellington, a member Of the Legislative Council, who died in 1896, leaving a large estate, consisting mainly of a pastoral property known as Marahou. The testator declared that the trustees might reimburse themselves out of trust premises all expenditure necessarily incurred by them in or about the execution of the trusts of the will, and might retain for themselves a commission of £9 per Centum on all moneys arising out of the trust premises, as well as all just legal expenses. The defendant (respondent on appeal) is the Guardian Trust and Executors Company of New Zealand, Ltd., the executor of the will Of Godfrey Norris Pharazyn, nephew of the testator, who died on January 1, 1941. as such executor, the company is entitled to investments now representing the fund derived from the sale of the Marahou property in 1904. tn 1944 the Guardian Trust claimed that it was entitled to the transfer of securities comprised in the Marahou fund and, at the same time. Marion Elinor Crawford, one of the beneficiaries, requested that her capital, amounting to £9OOO, be repaid, which has been done. The trustee (appellant) has notified the Guardian Trust that he is willing to transfer the securities to it in accordance with the request, but proposes to retain a commission of £5 per centum on these and On £9OOO paid to Marion Elinor Crawford. The Supreme Court judgment held this Could not be done, and Brown’s appeal is against this decision. Decision was reserved.