The application of Permanent Custodians [2013] NSWSC 1030

The Court was dealing with surplus funds paid into court after the sale of a property by the lender. The lender had repaid its debt and costs, and the surplus funds were given to the Court to divide amongst other parties with a beneficial interest in the fund paid into Court.

The three relevant parties had agreed amongst themselves how the surplus funds were to be divided and in the circumstances the Court found that it was satisfied the amounts in question were at least amounts owed to them by the borrower and secured by their respective interests in the property (which were a registered mortgage, and two charges over the property). The Court ordered the surplus funds to be paid out to the parties in accordance with the amounts they had agreed.

 

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