Perpetual; Application of Caveat Lenders [2009] NSWSC 776

The first mortgagee sold the property and paid the surplus proceeds into Court in accordance with the provisions of the Trustee Act 1925. Under the Act persons holding money that does not belong to them such as surplus sale proceeds can wash their hands of it by paying it into court. A caveat lender (appropriately called Caveat Lenders) claimed the surplus and as the application was unopposed the court paid the money to it.

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