Application of Walker Corporation Pty Ltd

The plaintiff, Walker Corporation Pty Ltd, sought rectification of a discretionary trust deed to delete a fixed date that was included in the vesting clause. The vesting date of the trust was to be the earlier of a fixed date or a period determined under a royal lives clause. The defendant, the corporate trustee, opposed the application. The case was heard by the Federal Court of Australia. The primary legal issue was whether the court should exercise its discretion to rectify the trust deed by deleting the fixed date. The court had to consider the relevant intention of the parties at the time of executing the trust deed and whether the requirements for rectification had been met, including whether the plaintiff had acted reasonably and without undue delay.

The court found that the intention of the parties was relevant in determining whether the trust deed should be rectified. The court considered the evidence of the solicitor-director who prepared the trust deed and the surrounding circumstances. The court held that the plaintiff had not met the requirements for rectification as the evidence did not establish that there was a common intention that the trust deed should not include a fixed date. The court also found that the plaintiff had not acted reasonably and without undue delay in seeking rectification. The court held that the doctrine of laches applied and that the plaintiff was barred from seeking rectification. The court declined to exercise its discretion to rectify the trust deed.

The court made no orders for the rectification of the trust deed. The court held that the application was statute-barred and that the plaintiff had not established any other grounds for relief. The court also held that the plaintiff was not entitled to an extension of time to bring the application. The court made no orders for costs.