Two parties entered into an agreement written in Mandarin. Under the terms one loaned the other money on security of two properties.
The Commonwealth Bank took possession of one of the properties, exercised its power of sale, and paid the surplus proceeds into Court.
The lender under the Mandarin loan agreement made an application for the money.
The Court paid the money after being satisfied that :
- she is the person primarily entitled to the funds and the basis of that entitlement;
- she has a beneficial interest in the very funds paid into Court; and
- all other interested parties are on notice of the application.
- that the document, despite being informal, made clear that the properties were being charged with the repayment of the loan.