A borrower was lent money on the security of a mortgage and “all moneys” guarantees. The loan was refinanced but the guarantees continued for any future lending. The lender’s rights under the guarantees were transferred to BOQ and before BOQ lent money to the borrower to refinance its existing facilities, the borrower and BOQ entered …
This case concerned a group of family companies. The parents were shareholders and the parents and sons were directors of the family companies. The parents gave guarantees and mortgages over various properties owned by them to secure their companies’ debts. The bank sued for possession and a money judgment and the parents claimed unconscionability and …
A son borrowed money secured by his parents’ house by a mixture of forging their signatures and telling them it was to refinance their mortgage. In fact, they were increasing their loan from $40k to $440k. In addition, the parents were Greek, had limited English and Several months after settlement, the loan was split into …
Bendigo and Adelaide Bank v Stamatis [2014] NSWSC 1233 Read More »
The borrowers defaulted on three farm loans and the bank claimed possession. The borrowers admitted the bank’s claim but argued the bank was estopped from seeking possession because of representations made by the bank at mediation that they would refinance the loans if an amount owing could be agreed upon. The court found no defence …
The bank claimed possession and the borrower raised a Contracts Review Act defence and claimed damages for unconscionable and misleading conduct by the bank. This case concerned a long term loan and two short term loans to be repaid from an inheritance and tax refund owed to the borrower. At around the time of the …
This case concerned a dual currency HKD/AUD loan. The loan was converted to AUD by the bank when the value of the AUD fell. The wife’s claims of unconscionability, breach of agreement and estoppel were all rejected by the court and the bank obtained possession and judgment against the wife. The wife appealed. The Court …
This case involved a margin loan. The borrower claimed the bank officer told him that once the gearing on his loan reached 95% the bank would liquidate his holdings. In October 2008 with the stock market in freefall, the bank and the borrower engaged in a series of agonised telephone calls. The upshot being that …
The bank sought possession and a monetary judgment for $31m. The borrower admitted the debt but claimed that the bank represented to him that it would ‘lend to him forever’ and that his financial problems were as a result of the bank withholding development funds it had promised. The court was not satisfied that the …
Neale v Bank of Western Australia [2014] NSWSC 315 Read More »
A son borrowed money secured by a mortgage over property owned by his grandmother. The mortgage was executed by his father pursuant to a power of attorney. The grandmother died and both the son and father were appointed executors under her will and became owners of the mortgaged properties as her personal representatives. The son …
Dimitrovski v Australian Executor Trustees [2014] NSWCA 68 Read More »
The company borrower went into liquidation and the bank sued the guarantors. The guarantors claimed estoppel as a defence on the basis that the bank led them to believe they would not be bankrupted. The guarantors also cross-claimed for misleading and deceptive conduct and sought an order restraining the bank from suing on the guarantee. …
