Miranda Builders' & Businessmen's Club, Application [2003] NSWSC 676

Miranda Builders' & Businessmen's Club, Application [2003] NSWSC 676

The evidence showed that the named trustees for debenture holders were deceased, had no personal representatives, and that the company had no record or knowledge of any debt secured by the 1955 registered charge. Applying s 65 of the Limitation Act 1969 (NSW), any title arising out of the security and any claim for recovery of money secured by the registered charge had been extinguished, so the charged property was released from the charge.

Jurisdiction
Australia
Judgment Date
18 July 2003
Procedural Posture
Application Concerning Release of Company Property From an Old Registered Charge / Ex Tempore Judgment on Amended Summons
Outcome
Declaration made; orders in paragraphs 1 and 2 of the amended summons made; proceedings stood over with liberty to apply.
Legal Topics
['registered Charges' 'debenture Trust Deed' 'extinguishment of Title Under Limitation Legislation' 'proceeding in Absence of Deceased Trustees With No Personal Representatives']
['corporations' 'equity' 'limitation of Actions'] ['registered Charges' 'debenture Trust Deed' 'extinguishment of Title Under Limitation Legislation' 'proceeding in Absence of Deceased Trustees With No Personal Representatives']

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Procedural Posture

Application Concerning Release of Company Property From an Old Registered Charge / Ex Tempore Judgment on Amended Summons

Legal Issues

  1. 1 ['Whether the proceeding should continue in the absence of any representation by the three deceased trustees for debenture holders.' "Whether the plaintiff's property charged by a 1955 registered charge was released because any title or claim secured by the charge had been extinguished under the Limitation Act 1969 (NSW)."]

Ratio Decidendi

The evidence showed that the named trustees for debenture holders were deceased, had no personal representatives, and that the company had no record or knowledge of any debt secured by the 1955 registered charge. Applying s 65 of the Limitation Act 1969 (NSW), any title arising out of the security and any claim for recovery of money secured by the registered charge had been extinguished, so the charged property was released from the charge.

Court Disposition

Declaration made; orders in paragraphs 1 and 2 of the amended summons made; proceedings stood over with liberty to apply.

Orders

  • ['Order that the proceeding continue in the absence of any representation by the three deceased trustees for debenture holders.' 'Declaration that the property of the plaintiff charged by the 1955 registered charge is now released from the charge.' "Proceedings stood over to the Registrar's 9.30am list on 7 August...