Ledinh Sovereign Super Pty Ltd v CT Stone Pty Ltd (No 2) [2023] NSWSC 1157

Ledinh Sovereign Super Pty Ltd v CT Stone Pty Ltd (No 2) [2023] NSWSC 1157

The amount owed under the mortgage must be calculated by excluding prepaid and compounded interest, with simple interest at the contract rate applied only to the principal sum, pursuant to the prior judgment that varied the contract to prevent compounding of interest.

Jurisdiction
Australia
Judgment Date
26 September 2023
Procedural Posture
Possession of Land / Mortgage Enforcement / Post Judgment Orders / Quantification of Sum Owing
Outcome
Judgment for the plaintiff for $695,202.47. Cross-claim otherwise dismissed with no order as to costs.
Legal Topics
['possession of Land' 'mortgage Enforcement' 'calculation of Amount Owing' 'interest Compounding' 'unjust Contract Terms' 'variation of Contract']
['land Law'] ['possession of Land' 'mortgage Enforcement' 'calculation of Amount Owing' 'interest Compounding' 'unjust Contract Terms' 'variation of Contract']

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Procedural Posture

Possession of Land / Mortgage Enforcement / Post Judgment Orders / Quantification of Sum Owing

Legal Issues

  1. 1 ['Proper calculation of the amount owing under a mortgage after variation of contract terms' 'Whether prepaid interest and compounding interest are to be included in the sum recoverable' 'Appropriate allocation of payments made during default period']

Ratio Decidendi

The amount owed under the mortgage must be calculated by excluding prepaid and compounded interest, with simple interest at the contract rate applied only to the principal sum, pursuant to the prior judgment that varied the contract to prevent compounding of interest.

Court Disposition

Judgment for the plaintiff for $695,202.47. Cross-claim otherwise dismissed with no order as to costs.

Orders

  • ['Judgment for the plaintiff against each of the first, second and third defendants in the sum of $695,202.47.' 'The amended cross-claim filed 5 September 2023 is otherwise dismissed with no order as to costs.']