Elite Apartments v Arab Bank Australia [2007] NSWSC 521

In this matter the borrower sough to restrain the lender from exercising power of sale. The evidence showed the borrower had received a winding up notice and had not sought to set it aside. That was an act of default under the mortgage. Moreover the court determined it was a non-monetary default for the purposes of s58A of the RPA so no s57(2)(b) notice was required. Accordingly the injunctions was refused.

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