Equititrust Limited v Boyle & Anor. Griffith Development Company Pty Limited v Equititrust Limited [2008] NSWSC 630

Equititrust Limited v Boyle & Anor. Griffith Development Company Pty Limited v Equititrust Limited [2008] NSWSC 630

No binding or effective variation of the Credit Facility Deed or Guarantee was made because there was no executed written agreement complying with their requirements; representations were not sufficiently certain, confirmed, or reduced to writing. Equititrust is entitled to judgment for the full sum claimed against the guarantor, and is not required to sell the property first. The claims of estoppel and misleading representation fail on the facts and law.

Jurisdiction
Australia
Judgment Date
23 June 2008
Procedural Posture
Civil / Trial Judgment
Outcome
Judgment for Equititrust Limited against Richard Lee Woods and Griffith Development Company Pty Ltd for the amount claimed and indemnity costs; no relief for Griffith or Woods; Equititrust not proceeding against Boyle.
Legal Topics
['credit Facility Deed' 'default Under Loan' 'mortgage Enforcement' 'deed of Guarantee & Indemnity' 'contract Variation' 'estoppel' 'misleading Representation']
['contract Law' 'banking and Finance Law' 'guarantees and Indemnities'] ['credit Facility Deed' 'default Under Loan' 'mortgage Enforcement' 'deed of Guarantee & Indemnity' 'contract Variation' 'estoppel' 'misleading Representation']

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Procedural Posture

Civil / Trial Judgment

Legal Issues

  1. 1 ["Whether there was an effective variation of the Credit Facility Deed and Guarantee limiting the guarantors' liability" 'Whether Equititrust was obliged to sell the security property before calling on the guarantors' 'Whether Equititrust made binding representations or engaged in misleading conduct warranting relief for Griffith or Woods' 'Whether the guarantors are liable for the full amount claimed']

Ratio Decidendi

No binding or effective variation of the Credit Facility Deed or Guarantee was made because there was no executed written agreement complying with their requirements; representations were not sufficiently certain, confirmed, or reduced to writing. Equititrust is entitled to judgment for the full sum claimed against the guarantor, and is not required to sell the property first. The claims of estoppel and misleading representation fail on the facts and law.

Court Disposition

Judgment for Equititrust Limited against Richard Lee Woods and Griffith Development Company Pty Ltd for the amount claimed and indemnity costs; no relief for Griffith or Woods; Equititrust not proceeding against Boyle.

Orders

  • ['Verdict for Equititrust Limited for $8,769,369.57 with judgment against Richard Lee Woods in proceedings 11461 of 2006.' "Richard Lee Woods to pay Equititrust Limited's costs on an indemnity basis in action 11461 of 2006." 'Verdict for Equititrust Limited with judgment in proceedings 20320 of 2007.' "Griffith...