Interesting NSW Supreme Court construction case.

The deceased inherited a number of shares from her late husband, subject to a condition that she ultimately gift those shares to her husband’s nephews.  Upon her death, the question was whether:

(1) she took the shares absolutely and the balance of the provision (in her husband’s will) is void; OR

(2) she took the shares absolutely but subject to an equitable condition which can be policed by an order for equitable compensation or specific performance (resulting in the shares going to the nephews); OR

(3) she had a life estate only, with a power to resort to capital (again resulting in the shares going to the nephews); OR

(4) the shares were a gift to the her for life with a general power of appointment.

Read the case here.