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“Unconditional” Finance Blocks Mortgagee Sale on Auction Day
In a discordant judgment, the Supreme Court of Victoria in Six Bruce Pty Ltd v Jadig Finance Pty Ltd [2018] VSC 552 held that, on the morning of a mortgagee-in-possession sale by auction, the auction could not proceed because the borrower had obtained an “unconditional” letter of finance to refinance the mortgagee’s debt.
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Lenders Warned: Make Sure PPSR Registrations are Correct
The recent NSW Supreme Court decision In the matter of Assta Labels Pty Ltd [2018] NSWSC 1094 illustrates the consequences of incorrectly registering a security interest on the PPSR.
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Mortgage Fraud: Should Solicitor for Mortgagor Verify ID for Mortgagee?
In short, the answer to this question is no! Under no circumstances should the mortgagee ask, or indeed rely upon, the solicitor for the mortgagor to act as its agent for VOI purposes. The reason for this is obvious; there is an untenable and irreconcilable conflict of interest in the solicitor for the mortgagor donning two hats and purporting to act for both the mortgagor and mortgagee.
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Removal of Caveat Application by Property Developer Succeeds
In Thompson DK Properties Pty Ltd as trustee for the Thompson DK Discretionary Trust No 7 v Brown, the Supreme Court of Queensland considered a removal of caveat application from a property developer. The builder had lodged the Caveat over the development property.
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Lender’s Claim to Surplus Funds Paid into Court Fails
In the recent case of Secure Loan Solutions Pty Ltd v Smith [2018], the Victorian Court of Appeal heard a lender’s application for leave to appeal a decision concerning surplus funds paid into court following a mortgagee sale.
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What Principles Apply to the Extension of Caveats?
In the recent Supreme Court of Western Australia decision in Conroys Smallgoods Pty Ltd v Tomlinson [2018] WASC 21 the application for the extension of caveats came under the spotlight.
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Privacy Compliance Checklist – Does Your Company Comply?
Does your organisation have a privacy compliance programme? 2018 has seen a significant escalation in privacy and data protection regulations both in Australia and internationally. These new compliance obligations can be tricky to navigate, but businesses need to ensure they are in line with current privacy laws.
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Unfair Contract Terms for Small Businesses Tested in Court
Since the Australian Consumer Law was amended to include protections for small businesses from unfair contract terms in November 2016, the Australian business community has eagerly awaited the testing of the new regime.
In Australian Competition and Consumer Commission v JJ Richards & Sons Pty Ltd [2017] FCA 1224 the ACCC contended that a number of terms in a standard form contract were “unfair” with regards s 24 of the ACL.
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Improper Conduct Results in Court Awarding Indemnity Costs
In a recent case the Supreme Court of Victoria considered orders for indemnity costs following a debacle concerning a property settlement.
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Competing Equities Dispute: What Determines Priority?
The recent WA Supreme Court case of Bunnings v Hanson Construction [2017] considers a competing equities dispute between two suppliers.
The decision serves as an important reminder for businesses who supply goods or services on credit to be aware of the factors courts take into account in determining priorities between equitable interests should the debtor’s assets be insufficient to cover the debts of all creditors.
