Default Notices

Fast Funds v Coppola [2010] NSWSC 470

In this case an elderly non-English speaking couple took out high interest loans so their daughter could pay her violent and abusive boyfriend and his associates $385,000. The judge was deeply moved by this commenting: The intimidation involved incidents of intensely ugly forms of humiliation. Most forms of objective language are ill equipped to convey …

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NAB v Menere [2010] NSWSC 381

The lender alleged the borrower defaulted under the mortgage and sought possession. The borrower filed a defence raising an estoppel argument which alleged that the loan was part of development finance arrangement (consisting of representations made by the bank) whereby the bank was to finance the construction of residential units and, in the meantime, allow …

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Perpetual v Treloar [2009] NSWSC 386

In this matter possession proceedings were defended on the basis on the s57(2)(b) notice had not been served. However the mortgage manager, Royal Guardian, kept computerised telephone records that proved the borrower had called and acknowledged receiving the notice.  Although a s57(2)(b) notice is not normally necessary to obtain possession it’s value as an acceleration …

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Across Australia Finance v Bassenger [2008] NSWSC 799

In this matter the Lender sought orders for judicial sale and the third party mortgagor sought to resist on the basis of non-service of s57(2)(b) notice. The court held where judicial sale is sought a s57(2)(b) notice is not needed. The mortgagor who had difficulty with English also raised a Contracts review Act / unconscionability …

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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 …

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Hargraves Secured Investments v Ryan [2007] NSWSC 404

These proceedings before Justice Price involved a protracted dispute under the Farm Debts Mediation Act. The debt in question had been incurred refinancing a earlier debt to the Commonwealth Bank which also involved a protracted dispute under the Farm Debt Mediation Act. The borrowers alleged the lender breached Heads of Agreement reached pursuant to the …

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Lesic v Gippsreal [2007] NSWSC 426

In this case the borrower sought an urgent injunction to prevent a sale due to take place that very afternoon. A stay was granted for three days upon the grounds that the Judge did not have time to absorb the material before him and because the borrower denied receiving the s57(2)(b) notice. His Honour noted: …

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