Surplus of Sale Proceeds

Farrell v Stephenson [2008] NSWSC 1350

A son and his wife procured transfers of his mother’s properties for little or no consideration (the transfer noted consideration of $1). No solicitors were used for the transfers and the mother never received independent legal advice. At the time the mother was elderly, suffering the early stages of Alzheimer’s Dementia, was easily manipulated and …

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Bofinger v Kingsway Group [2008] NSWCA 332

In this appeal court case first and second mortgages over the development property were bolstered by first and second mortgages over the guarantors’ home. When the development went bad the guarantors voluntarily sold their home and the whole proceeds were paid to the first mortgagee. The first mortgagee sold the development property and after it …

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Dean-Willcocks v Nothintoohard [2005] NSWSC 357

A receiver was appointed by the holder of a mortgage debenture over the assets of the first defendant. The lender was first registered mortgagee who exercised a power of sale in respect of the land secured by the mortgage. The proceeds of sale were placed into a controlled money account pending the resolution of the …

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