Alanbert Pty Ltd v Bulevi Pty Ltd [2002] NSWSC 289

Alanbert Pty Ltd v Bulevi Pty Ltd [2002] NSWSC 289

After correcting the defendants' accounting calculation, the non-Lots 11 and 12 account stood at $3,887 in the defendants' favour. The plaintiffs failed to establish any realistic $78,048 credit balance or basis for additional interest on it. Because Lots 11 and 12 were contractually to be transferred to the plaintiffs but were sold by the mortgagee and credited against the defendants' debt, the plaintiffs were entitled to the agreed value of $232,000, with the $3,887 set off and s 94 interest calculated on the difference from receipt of the $232,000. No money remained which the plaintiffs were entitled to have secured under the mortgage over Lot 13.

Jurisdiction
Australia
Judgment Date
09 April 2002
Procedural Posture
Equity Proceeding Concerning Monetary Accounting, Land Transfers and Mortgage Security / Judgment on the Monetary Judgment to Be Entered and Whether Any Amount Remained Secured Under the Mortgage After Earlier Judgments
Outcome
Basis of calculation of monetary judgment determined; plaintiffs were not entitled to have any amount secured under the mortgage.
Legal Topics
['judgments and Orders' 'set Off of Judgments' 'accounting Between Parties' 'mortgage Security' 'sale of Land' 'interest']
['civil Procedure' 'equity' 'property Law' 'contracts'] ['judgments and Orders' 'set Off of Judgments' 'accounting Between Parties' 'mortgage Security' 'sale of Land' 'interest']

Case Brief

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Procedural Posture

Equity Proceeding Concerning Monetary Accounting, Land Transfers and Mortgage Security / Judgment on the Monetary Judgment to Be Entered and Whether Any Amount Remained Secured Under the Mortgage After Earlier Judgments

Legal Issues

  1. 1 ['What monetary judgment should be entered between the plaintiffs and defendants after the outstanding accounting items were resolved.' "Whether interest should be allowed on an alleged credit balance of $78,048 in the plaintiffs' favour." 'Whether the plaintiffs were entitled to receive the value of Lots 11 and 12 after those lots were sold by the mortgagee.' 'Whether payment of the value of Lots 11 and 12 should be deferred unless stamp duty was paid on two rejected contracts for sale of land.' 'Whether any moneys remained which the plaintiffs were entitled to have secured under the mortgage over Lot 13.']

Ratio Decidendi

After correcting the defendants' accounting calculation, the non-Lots 11 and 12 account stood at $3,887 in the defendants' favour. The plaintiffs failed to establish any realistic $78,048 credit balance or basis for additional interest on it. Because Lots 11 and 12 were contractually to be transferred to the plaintiffs but were sold by the mortgagee and credited against the defendants' debt, the plaintiffs were entitled to the agreed value of $232,000, with the $3,887 set off and s 94 interest calculated on the difference from receipt of the $232,000. No money remained which the plaintiffs were entitled to have secured under the mortgage over Lot 13.

Court Disposition

Basis of calculation of monetary judgment determined; plaintiffs were not entitled to have any amount secured under the mortgage.

Orders

  • ['Judgment should be entered in favour of the plaintiffs for $232,000, less $3,887, plus s 94 interest calculated on the difference from the time of receipt of the $232,000 to date.' 'The appropriate declaration was that there are no moneys which the plaintiffs are entitled to have secured under the mortgage.' 'The...