Taking of Accounts

Naxatu v Perpetual Trustee [2012] FCAFC 163

The rule in Hopkinson v Rolt The second mortgagee in this case invoked the rule the famous rule in Hopkinson v Rolt. The rule states that the priority of a first mortgagee whose mortgage secures all moneys owing by the mortgagor, is relegated to third priority for any further advances made after the first mortgagee …

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C2C Developments v CBA [2012] NSWSC 1162

The lender seized four properties before exercising their right to sale. Following the sale of all four properties, the borrower remained $500,000 indebted to the lender. The borrower commenced proceedings seeking accounts. In dismissing the proceedings, the court found that no surplus meant that there was no obligation to account. The lender’s duty to account …

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Waldron v GR Finance [2011] FCA 128

The lender obtained judgment for a monetary sum against the borrowers. It then pursued a professional negligence claim against the valuer who initially valued the property. The valuation proceedings were settled. The lender sought to bankrupt the borrower. The borrowers argued the lender could not claim the full amount from them as it had the …

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Thambiappah v CBA [2010] NSWSC 520

The plaintiff borrowed money from the bank which was secured by mortgages over two properties. She defaulted and the bank sold the properties as mortgagee in possession, pursuant to its power of sale.  The bank disposed of certain goods located at one of the properties at the rubbish tip. The plaintiff alleged that the goods …

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Romiz Constructions v Byrnes [2010] NSWSC 26

In this case the lender obtained default judgment in April 2009, which the borrower filed a notice of motion to set aside in May 2009. The matter came before the court a number of times and in November 2009 an agreement was reached whereby the terms of the mortgage would be varied so the interest …

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