Garland Lot 3 Pty Ltd v Bridge Property Investments Pty Ltd [2014] NSWSC 253

Garland Lot 3 Pty Ltd v Bridge Property Investments Pty Ltd [2014] NSWSC 253

Plaintiffs were authorised by clause 20 of the Deed to enter the contract of sale provided it was at arm's length and for fair market value; defendant's consent was not required because the sale was contemplated by the Deed; consequently, no Lender Consent Matter arose, and interlocutory relief restraining the sale was inappropriate.

Parties
First Plaintiff/cross Defendant: Garland Lot 3 Pty Ltd; Second Plaintiff/cross Defendant: Garland Lot 4 Pty Ltd; Defendant/cross Claimant: Bridge Property Investments Pty Ltd
Jurisdiction
Australia
Judgment Date
26 February 2014
Procedural Posture
Interlocutory Application / Judgment on Contested Interlocutory Application
Outcome
Interlocutory relief refused and caveat ordered withdrawn by consent; defendant's cross-claim for interlocutory injunction dismissed; defendant to pay costs.
Legal Topics
Caveats, Withdrawal of Caveat, Proper Construction of Deed, Lender Consent Matters, Interlocutory Injunctions
Property Law Contract Law Equity Caveats Withdrawal of Caveat Proper Construction of Deed Lender Consent Matters Interlocutory Injunctions

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Parties

Garland Lot 3 Pty Ltd

First Plaintiff/cross Defendant

Garland Lot 4 Pty Ltd

Second Plaintiff/cross Defendant

Bridge Property Investments Pty Ltd

Defendant/cross Claimant

Procedural Posture

Interlocutory Application / Judgment on Contested Interlocutory Application

Legal Issues

  1. 1 Whether defendant had a caveatable interest justifying the caveat
  2. 2 Proper construction of Deed—was Lender's consent required before sale of Lot 402?
  3. 3 Whether interlocutory injunction should be granted to restrain sale without Lender consent

Ratio Decidendi

Plaintiffs were authorised by clause 20 of the Deed to enter the contract of sale provided it was at arm's length and for fair market value; defendant's consent was not required because the sale was contemplated by the Deed; consequently, no Lender Consent Matter arose, and interlocutory relief restraining the sale was inappropriate.

Court Disposition

Interlocutory relief refused and caveat ordered withdrawn by consent; defendant's cross-claim for interlocutory injunction dismissed; defendant to pay costs.

Orders

  • Order by consent pursuant to s 74MA of the Real Property Act 1900 (NSW) that the defendant withdraw caveat No AI334849 lodged on Lot 402/1164413.
  • Order that the claim made by the defendant in prayer 1 of its claim for interlocutory relief in its cross-claim be dismissed.