Enright v Newton - [2021] 2 NZLR 412

Equity — Breach of trust — Limitation of action — Whether correspondence should have alerted beneficiary to breach of trust — Not to be assessed from perspective of a trust expert — Limitation Act 1950 s 28.

Equity — Remedies — Knowing receipt of trust funds — Tracing of Proceeds Trust Deed provided for net income to be apportioned between income beneficiaries — Failure to apportion income resulted in income being vested in income beneficiaries — Calculation of income vested — Whether dividend paid on winding up of trust to be calculated from gross or net income — Whether payments made to second appellant made in breach of trust — Whether payments unconscionable receipt — Whether vested income traceable into property purchased — Whether respondents had proprietary interest in property purchased — Whether constructive trust arising — Whether declaration of respondents’ proprietary interest more appropriate remedy — Interest payable on judgment sum — Commencement date for interest accruing.