This was a Contracts Review Act Defence to a mortgage. Bransgroves Lawyers acted for the lender. The lender succeeded in upholding the mortgage although the court held that a clause in the mortgage seeking damages for late repayment was void as a penalty. Click here to read the full judgment
The lender refused to proceed with a loan because the valuation came in too low. The lender placed a caveat on the property for fees and the borrower sought to have it removed. The Court held in favour of the lender deciding that the following clauses were effective in granting a caveatable interest: “To secure …
Mango Media v Garner Transport & Haulage [2007] NSWSC 712 Read More »
In this case there was a charging clause (a clause that purported to charge all real estate owned by a contracting party) contained within a credit contract. Pursuant to this a caveat was lodged by the lender and sought to be lapsed by the borrower. The court had to decide whether to extend the operation …
In this case there was a deed which stated: You will provide a mortgage to Meriton to secure this contract.The mortgage will be a first registered mortgage and will be over property known as:” The deed then on the five following lines uses the words address, suburb, lot, strata plan and folio identifier, but none …
In this case a broker’s mandate (commission agreement) contained a charging clause purporting to charge the land for payment of the unpaid brokerage. The broker lodged a caveat and the borrower attempted to remove the caveat. The caveat did not specify the amount that was owing under the charge however Palmer J held: It seems …
FTFS Holdings v Business Acquisitions Australia [2006] NSWSC 846 Read More »
This involved a supply agreement with a charging clause in it. Pursuant to the charging clause a caveat was lodged over two properties partly owned by the debtor. A lapsing notice was served and these proceedings were brought to extend the operation of the caveat. Various technical arguments were raised as to why the charging …
In this case the borrower had paid an application fee and signed the lenders letter of offer. The lender then incurred costs instructing agents (valuers, solicitors and surveyors) and inspecting the property. The lender withdrew the offer when it came to their attention the sale was by the mortgagee in possession. The lender put a …
This case involved a priority dispute over surplus proceeds after the first mortgagee had been paid out and the balance deposited with the court. Both Circuit Finance and the Wills obtained a charge over the land in question by virtue of charging clauses. These are clauses which “charge as security for the debt all land …
This case was brought by a caveator to extend the operation of a caveat threatened by a lapsing notice. The caveatable interest arose pursuant to a charging clause in a deed of guarantee and indemnity. On 11 January 2006 the plaintiffs’ solicitors wrote a letter before action requesting that the lapsing notice be removed. It …
