Misleading and Deceptive Conduct

CBA v Dalle Cort & Anor [2014] QSC 296

The bank lent money to fund the purchase of shares in Storm but the borrowers never invested because Storm went into liquidation. The borrowers defaulted and the bank sought summary judgment. The borrowers did not deny the debt and non-payment but deny liability on the grounds of conspiracy, misleading conduct, trespass and negligence. The bank …

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CBA v SA Lending Centre [2014] SASC 178

The borrower claimed he intended to sell an exisiting property to fund the purchase and development of an additional property. However, the bank’s loan officer advised him: the lender would be in a position to fund both the acquisition and redevelopment of the additional property and the construction planned for an exisiting security. the facility …

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Bank of Western Australia v Liu & anor [2014] QSC 318

The borrower argued that by obtaining a Herron Todd White valuation of $3.8 million and providing it to the borrowers with an offer to lend $2.6 million, the bank impliedly warranted the 2007 valuation and its methodology. In considering this claim the judge noted that the borrowers had contracted to buy the the property for …

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Adisan v Irwin [2014] NSWSC 1043

Joint venturers borrowed money guaranteed by four individuals. The guarantors agreed to a loan variation which included an additional guarantor. The lender sued the guarantors for the debt when the borrower failed to pay. One of the guarantors argued that his liability was discharged because when he signed the variation it had not been disclosed …

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Westpac Banking Corporation v Diagne [2014] NSWSC 822

A husband and wife ran a successful African restaurant and purchased another property to open a further restaurant. This purchase was funded by the bank as a commercial loan and the husband and wife gave guarantees. The guarantees were secured on the family home as well as the property purchased. The couple ran into financial …

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Permanent Custodians v Geagea [2014] NSWSC 562

A solicitor acted on the understanding that he represented two brothers on a loan, secured over a property registered in their names and that of a third brother, in their capacity as trustee for their parents. One brother was a fraudster. The other brother or someone purporting to be him authorised the solicitor to act …

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Hoad v GEL Custodians [2014] NSWSC 513

A lender refused to advance further funds when it discovered that the borrowers had substantially overstated their income. The borrowers sued the lender for damages for breach of contract and also misleading and unconscionable conduct. The lender cross-claimed for the amount of the debt on the basis of the borrowers’ misleading conduct in overstating their …

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Razdan v Westpac [2014] NSWCA 126

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 …

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Neale v Bank of Western Australia [2014] NSWSC 315

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 …

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Investec Bank v Naude [2014] NSWSC 165

The bank sued a guarantor. By way of defence, the guarantor alleged that his guarantee was induced by the bank’s misleading conduct as to future second stage development finance, the first stage was for acquisition of the properties. The bank did not call the officer who allegedly made the representation. The judge noted the bank …

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