Re Mulligan (Deceased) - [1998] 1 NZLR 481

Trusts and trustees — Duties of trustee — Trustees investing in fixed-interest securities to benefit of income beneficiary and detriment of capital beneficiaries — Whether breach of trustee's duty to act even-handedly between different classes of beneficiaries — Whether trustees acted reasonably and should be excused from breach — Trustee Act 1956, s 73.

Trusts and trustees — Liability of trustees — Trustees in breach of trust by investing in fixed-interest securities — Substantial reduction in capital compared to investment in shares — Measure of damages.

Trusts and trustees — Liability of trustees — Indemnity between trustees — Trustees in breach of trust by investing in fixed-interest securities to detriment of capital beneficiaries — Whether company trustee or income beneficiary trustee entitled to indemnity from other trustee — Whether income beneficiary benefited from breach of trust.