Event of Default

Pioneer Mortgage Services v Columbus Capital [2015] FCA 1067

A securitisation funder bought a loan book associated with mortgages originally funded by a bank and became subject to the bank’s obligations in its origination deeds. The originator’s employee stole money from borrowers by carrying out fraudulent redraws, which went undetected for 7 years because the originator had no system in place to cross-check redraws …

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Kupang Resources v International Litigation Partners [2015] WASCA 89

The tax office was owed tax by the lender and sent the borrower a section 260-5 notice requiring the borrower to pay the instalments owing to the lender to the ATO instead. A 260-5 notice is essentially a garnishee notices. They are served on parties who owe a taxpayer money or will owe it in …

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CBA v Hadfield (2001) NSWCA 440

The borrower defaulted on his mortgage with the lender taking possession of the rural property to exercise its power of sale. The purchaser refused to consent to the borrowers request that the secured land be subdivided in order to possibly achieve a better sale. The lender sold the property as one lot for a short …

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