The bank paid surplus funds following the sale of mortgaged property into court and three competing claims were made on the fund – two alleged debtors and the owner of the property, now bankrupt. Each debtor disputed the other’s debt and priority. The first in time claim arose from the owner personally guaranteeing his company’s …
Application by Westpac – Charara v Konneh [2015] NSWSC 1084 Read More »
The bank indirectly ‘advanced’ funds to a ‘borrower’ to enable them to acquire property at Bondi. However importantly the ‘advance’ was structured as a note issue to the bank, with the note proceeds being on lent to the borrower by the issuer of the notes and not the bank. The notes themselves were then immediately …
A husband and wife advanced their friend’s son $300K for his panel beating business. The monies were in fact used in a get rich quick scam. When the lenders sued for the debt, the son raised multiple defences including that it was not his deed because of a lack of literacy and/or his education and …
This involved a caveat lodged pursuant to charging clause. It had not been stamped by the Office of State Revenue and so the court held: I hold that the provisions of clause 9, insofar as they constitute a mortgage, are unenforceable. Being unenforceable it follows that the caveat is bad. Click here to read the …
In this case the lender sought to extend a caveat protecting a loan for $400,000. The court determined that because the loan was over six years old its recovery was statute barred. this was because the loan was repayable “at call”. Where a loan is repayable at call the statute of limitations begins to run …
