Catchwords
Trusts – Trustees' powers – Power of advancement – Where trust property included shares in a company – Where value of shares recorded in "asset revaluation reserve" – Where trustee made resolution to distribute entire asset revaluation reserve to specified beneficiaries – Where trustee covenanted to pay specified beneficiaries on demand – Whether valid exercise of power to "advance" and "apply" trust capital or income – Whether trustee indebted to specified beneficiaries – Whether action for money had and received maintainable.
Words and phrases – "advance", "apply", "pay", "pay or apply", "raise".
Trustee Act 1925 (NSW) – s 44.
Trustee Act 1925 (UK) – s 32.