We previously reported on the trial at first instance. This note is about the appeal. St George (as first ranking mortgagee) sold the property for $20 million and retained all the money against a debt it claimed was $54 million. Salta Constructions (as second ranking mortgagee) argued that the bulk of the money claimed by St …
Salta Constructions v St George Bank [2014] VSCA 289 Read More »
The borrower took out a loan to buy land in Victoria. The borrower later agreed that McDonald’s could rent and build a restaurant on the land. As the improvements would form part of the borrower’s land, they were required to contribute to the costs of construction. The arrangements requiring the borrower to pay McDonald’s were …
McDonald’s v Bendigo and Adelaide Bank [2014] VSCA 209 Read More »
This case involved the application of the rule in Hopkinson v Rolt. The rule prevents a first mortgagee (in this case St George) from obtaining priority for advances it makes after it becomes aware of the existence of a second mortgagee. The second mortgagee wrote to the first and alerted it to the existence of …
