Farrer v Australian Securities and Investment Commission [2011] NSWSC 425

Farrer v Australian Securities and Investment Commission [2011] NSWSC 425

Statutory trustees for sale should be appointed by consent as the right exists almost as of right for a co-owner. Wooli Investments is permitted to purchase the property with a $10,000 deposit in light of earlier authority and inflation. As proceedings are dismissed as against the second defendant, the starting point is that plaintiffs pay his costs as no sufficient reason was advanced to depart from the rule in UCPR r 42.20.

Jurisdiction
Australia
Judgment Date
13 May 2011
Procedural Posture
Equity Claim Under Conveyancing Act S 66 G (co Owners' Property Sale) / Principal Judgment; Hearing and Final Orders
Outcome
Orders made by consent for appointment of statutory trustees for sale, with further orders determining deposit and costs.
Legal Topics
['co Ownership' 'appointment of Trustees for Sale' 'statutory Trusts for Sale' 'costs Orders' 'right of Co Owner to Purchase']
['real Property' 'equity'] ['co Ownership' 'appointment of Trustees for Sale' 'statutory Trusts for Sale' 'costs Orders' 'right of Co Owner to Purchase']

Case Brief

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Procedural Posture

Equity Claim Under Conveyancing Act S 66 G (co Owners' Property Sale) / Principal Judgment; Hearing and Final Orders

Legal Issues

  1. 1 ['Whether to appoint statutory trustees for sale of co-owned property under s 66G of the Conveyancing Act 1919' 'Whether co-owner Wooli Investments Pty Ltd should be allowed to purchase property and on what deposit terms under s 66I' 'Appropriate costs order as between plaintiffs and second defendant']

Ratio Decidendi

Statutory trustees for sale should be appointed by consent as the right exists almost as of right for a co-owner. Wooli Investments is permitted to purchase the property with a $10,000 deposit in light of earlier authority and inflation. As proceedings are dismissed as against the second defendant, the starting point is that plaintiffs pay his costs as no sufficient reason was advanced to depart from the rule in UCPR r 42.20.

Court Disposition

Orders made by consent for appointment of statutory trustees for sale, with further orders determining deposit and costs.

Orders

  • ['Statutory trustees for sale appointed over property at 47 Riverside Drive, Wooli.' 'Wooli Investments Pty Ltd permitted to purchase the property with a $10,000 deposit and set-off rights.' 'Proceedings dismissed as against first and second defendants.' "Plaintiffs to pay second defendant's costs."]