Australia, Aug. 26 -- New South Wales Land and Environment Court issued text of the following judgement on July 25:
1. The interesting question at the heart of these proceedings concerns the nature of the transaction that occurred when the plaintiff, who was the executor of her mother's deceased estate, entered into a contract with herself to acquire a property that was owned by her in her capacity as executor. The parties agree that, one way or another, a 'transaction' within the meaning of s 8(1)(b) of the Duties Act 1997 (NSW) occurred upon execution of the contract. The dispute is as to whether that transaction was a 'surrender of an interest in land' by the other beneficiaries within the meaning of s 8(1)(b)(iii), as the plaintiff con...