A husband and wife borrowed monies refinance their mortgage and to have funds undrawn but set aside for future drawdown. However at settlement their broker sent through a direction requiring the funds to be paid into the broker’s account. When the husband and wife found out they tried to confront the broker. The husband showed …
A husband and wife borrowed against their home for their business and defaulted. The wife’s defence was that the monies lent were paid to the business without her authority because she did not insert the business’s account details in the direction to pay form. The wife also made a Contracts Review Act claim and claimed …
Perpetual Trustees v Belcastro [2013] NSWSC 1189 Read More »
This case involved sham contracts for inflated values designed to dupe the Commonwealth Bank. The wife’s signature was forged on the mortgage and loan. The court held that indefeasibility of the registered mortgage did not help the lender because it was an all monies mortgage. As an all monies mortgage it relied on the validity …
In this case the mortgage secures a line of credit of $800,000. The loan has been fully drawn. The borrower alleges and the lender concedes that $578,000 was advanced pursuant to forged cheques. The mortgagor has now paid what was owing from unforged cheques but the lender seeks to enforce the mortgage to recover the …
In this case the lender relied upon a cheque direction signed by the originator, Streetwise Home and Equity Loans (run by fraudster Kovelan Bangaru), to pay the surplus proceeds of the loan to a third party Berkshire Enterprises (run by Bangaru). The borrowers admitted signing the mortgage and the deed of loan but denied they …
