Indemnity Clause

KBL Mining v Kidman Resources [2015] NSWSC 515

An entity that owned a mine obtained funding through notes issued by it and gave security over its mine. The lender assigned its rights to the mine’s competitor and the new lender alleged default. This was challenged by the borrower along with its liability to pay interest. The borrower argued that the redemption of its …

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Perpetual Trustee v CTC [2015] NSWSC 131

This has been a long running saga. The registered proprietor’s brother forged the mortgage. When the registered proprietor raised the forgery as a defence, the lender cross-claimed against the mortgage orginator, claiming under the indemnity in the mortgage origination deed. The lender’s claim failed against the mortgage originator due to a lack of evidence and …

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Grenfell Securities v Midland Montagu Securities [2010] NSWSC 529

Midland was engaged by Grenfell to manage mortgages and investment funds. Midland agreed to indemnify Grenfell against losses suffered as a result of default by borrowers on mortgage loans. The relevant clauses of the indemnity provided: 1.1. This indemnity applies only in respect of losses sustained by the Lender in respect of mortgage loans in …

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