Rectification

Simic v New South Wales Land and Housing Corporation [2016] HCA 47

The New South Wales Land and Housing Corporation entered into a contract with Nebax Constructions Australia P/L for the demolition of existing buildings and the construction of unit blocks in Bomaderry. A special condition of the Contract required Nebax to provide two performance bonds. Nebax approached ANZ to issue the performance bonds but erroneously named …

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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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Equititrust v Willaire [2012] QSC 206

A lender advanced more than $16m to a property developer, secured by a mortgage over the site and a collateral mortgage over a property owned by a director. The director claimed the lender was only entitled to enforce against his properties to a limit of $3m. The dispute arose because the lender sent a two …

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Bank of Queensland v Heritage Village Estate [2012] NSWSC 925

The bank loaned to a couple’s company to enable them to sub-divide and develop a parcel of land and they each provided guarantees. When the company defaulted, the bank sued for possession and to enforce the guarantees. Some sloppy drafting on the bank’s part meant that the guarantees only referred to one not both of …

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Donovan Oates v Reid [2009] NSWSC 221

This case involved a construction loan for $7,300,000. The lender took a mortgage over the development site, a guarantee from the sole director of the development company, and a mortgage over the director’s home. After several progress payments geotechnical investigation disclosed the need to amend the DA. The council dithered so the developer went to …

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Higgs v Retsinias [2008] NSWSC 10

In this case the solicitors acting for the lender made several typographical errors in the mortgage (including mis-describing the lender a totally different name) they then commenced possession proceedings in the Commercial list rather than the Possession list and it was alleged they did not properly serve the Statement of Claim on the borrower. Nevertheless …

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