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.
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.
