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  • Unreported Judgment

Quaid v Salam

 

[2005] QSC 24

SUPREME COURT OF QUEENSLAND

CIVIL JURISDICTION

JONES J

Application No 625 of 2004

LUKE ALBERT QUAID

Applicant

and

 

SHERRI ANN SALAM

First Respondent

and

 

SHANE WILLIAM QUAID

Second Respondent

CAIRNS

DATE 31/01/2005

JUDGMENT

HIS HONOUR: Before me are two applications; one seeks the appointment of Sherri Ann Salam as the next friend of Jasmine Adelaide Salam who is eight years of age, having been born on 5 August 1996. The applicant is the mother of the infant.

The other application seeks the Court's sanction of a deed of arrangement and release which details the terms of the settlement of claims and entitlements to the estate of William Albert Quaid who died on the 29th of January 2004. By his last will, executed on 30 January 1998 William Quaid, appointed his son, Luke Albert Quaid as his executor.

After providing a legacy for his daughter, Jasmine, which legacy has been adeemed, the residue of his estate was to be divided equally between his three children, namely Luke Albert Quaid, Shane William Quaid and Jasmine Adelaide Salam.

The executor proposes to appropriate the assets of the estate towards the satisfaction of the respective shares of the residuary beneficiaries pursuant to section 33(1)(1) of the Trusts Act 1973.

To this end valuation of the assets have been obtained. An agreement between the adult beneficiaries has been reached.

The mother/guardian of Jasmine accepts that the arrangement is in the child's interest, but it appears necessary for the Court to sanction this compromise and release.

The total current net value of the estate is $204,912.23 as appears from annexure E to the affidavit of Ms Millard sworn on the 16th of December 2004.

Each beneficiary is thus entitled to receive to the value of $68,304.07.

The proposal is that the physical assets of the estate be transferred to the adult beneficiaries and that the executor hold the sum of $68,304.07 on trust for the benefit of the child Jasmine. Such fund is to be invested in a managed investment fund with AMP Henderson Global Investors Limited.

I am satisfied that the acceptance of such a proposal is in the interest of the child and that in particular that it finalises the arrangements in a reasonably efficient and inexpensive manner.

For these reasons I will make the orders as the terms of the draft initialled by me and placed with the papers.

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Editorial Notes

  • Published Case Name:

    Luke Albert Quaid v Sherri Ann Salam

  • Shortened Case Name:

    Quaid v Salam

  • MNC:

    [2005] QSC 24

  • Court:

    QSC

  • Judge(s):

    Jones J

  • Date:

    31 Jan 2005

Litigation History

No Litigation History

Appeal Status

No Status