In this case the borrower made an urgent application to the court to restrain the lender from selling the land as the mortgagee exercising power of sale. The borrower claimed he was not in default as he had made arrangements for a third party to pay the mortgage. Justice Palmer dismissed the plaintiff’s application because …
This involved a property which was sold by a mortgagee exercising power of sale. After the sale various caveats were lodged against the title by parties associated with the old borrower (the former owner). In these proceedings the new owner sought declaratory relief that the caveators had no interest in the property and a permanent …
There was no element of unconscientiousness in the first mortgagee asserting its legal right, and in the circumstances no equitable lien arose. Equitable liens have been held to exist in a variety of circumstances to ensure that the costs of realisation are borne by the realised fund before any distribution to those otherwise entitled to …
In this case NAB was suing Grose on his guarantee. Grose claimed NAB only needed to call on the guarantee because it had negligently exercised its power of sale over the primary security being a shopping centre in Queensland. Naturally the extent of the losses thus claimed were enough to cancel out the amount claimed …
The borrower alleged: the Bank represented an overdrawn cheque account in his name would be “frozen” for a sufficient period of time to allow him to complete a subdivision of his residential property; the Bank represented it would delay legal proceedings for the recovery of outstanding debt, and that it would advance to him, against …
Clarkson v State Bank of New South Wales [2006] NSWSC 903 Read More »
In this case Hamilton J considered an injunction application by a mortgagor to prevent the mortgagee proceeding with a power of sale. Ground one – impending refinance His Honour noted that: As the matter has gone on, the possibility or immediacy of the plaintiff obtaining alternative finance has declined somewhat. The best that can now …
Parist Holdings v Perpetual Nominees [2006] NSWSC 599 Read More »
The plaintiff company (“Lets”) borrowed money from Westpac, with the loan secured by mortgages on two properties owned by Lets. The director of Lets was a guarantor of the loan. Lets applied to the Court for an injunction restraining Westpac and its agents from exercising its power of sale. Prior to exercising its power of …
This was an appeal by the Hussains from an order made by an Associate Justice for sale of the land subject to the lender’s second mortgage. The Hussains granted a second mortgage to the plaintiff to secure a loan of $95,000 for a period of two months. Interest was payable at $118.8% per annum, reducing …
King Investment Solutions v Hussain [2005] NSWSC 1076 Read More »
This case concerned the sale of land by council for unpaid rates and whether a duty of care was owed by the council to the landowner. The owner claimed that the council sold the property for less than market value so he suffered loss and damage which entitled him to compensation. The council had placed …
The developer mortgaged land to the defendants as security for a loan to carry out the development. The developer applied to the Court ‘at the eleventh hour’ seeking to restrain the lenders from selling the land. The developer said the injunction was justified for three reasons: Non-service of a s 52(2)(b) notice Estoppel by conduct …
E & P Developers v D J Capital Solutions [2005] NSWSC 1110 Read More »
