Re Mangan, Ross Alexander Ex parte Andrew, William Edward [1983] FCA 135

Re Mangan, Ross Alexander Ex parte Andrew, William Edward [1983] FCA 135

Interest liability under the mortgage ceases upon repayment of the principal sum following exercise of the mortgagee's power of sale, and only interest up to the date of discharge is payable; there is no liability for continuing interest instalments to contractual maturity after default and repayment.

Parties
The Bankrupt: Ross Alexander Mangan; Trustee of the Estate of the Bankrupt/applicant: William Edward Andrew; Mortgagee/respondent: Burrawong Investments Pty. Limited; Wife of the Bankrupt/mortgagor/respondent: Olive Mangan
Jurisdiction
Australia
Judgment Date
05 July 1983
Procedural Posture
Bankruptcy Application / Application for Orders and Directions by Trustee
Outcome
Orders and directions made; applicant to bring in short minutes to give effect to reasons.
Legal Topics
Mortgage Discharge, Calculation of Interest on Mortgage, Acceleration Clauses in Mortgage, Redemption of Mortgage, Liability for Costs in Assignment of Mortgage
Bankruptcy Property Law Mortgage Discharge Calculation of Interest on Mortgage Acceleration Clauses in Mortgage Redemption of Mortgage Liability for Costs in Assignment of Mortgage

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Parties

Ross Alexander Mangan

The Bankrupt

William Edward Andrew

Trustee of the Estate of the Bankrupt/applicant

Burrawong Investments Pty. Limited

Mortgagee/respondent

Olive Mangan

Wife of the Bankrupt/mortgagor/respondent

Procedural Posture

Bankruptcy Application / Application for Orders and Directions by Trustee

Legal Issues

  1. 1 Determination of the amount payable under a mortgage upon default and exercise of power of sale
  2. 2 Whether the mortgagor is liable to pay outstanding interest after principal has been repaid
  3. 3 Method of calculating interest owing up to discharge

Ratio Decidendi

Interest liability under the mortgage ceases upon repayment of the principal sum following exercise of the mortgagee's power of sale, and only interest up to the date of discharge is payable; there is no liability for continuing interest instalments to contractual maturity after default and repayment.

Court Disposition

Orders and directions made; applicant to bring in short minutes to give effect to reasons.

Orders

  • Applicant to bring in short minutes to give effect to reasons for judgment; parties may take accounts if necessary.