WILSON v ST GEORGE BANK LIMITED [1996] NSWCA 560

WILSON v ST GEORGE BANK LIMITED [1996] NSWCA 560

The agreement was not void for uncertainty because it included an agreed mechanism to determine future interest rates, which the law recognises as creating sufficient certainty. Therefore, no arguable cause of action existed in the statement of claim.

Source-derived case information.

Parties
Appellant: John Wilson; Respondent: St George Bank Limited
Jurisdiction
Australia
Judgment Date
28 October 1996
Procedural Posture
Civil Appeal / Application for Leave to Appeal From Summary Dismissal
Outcome
leave to appeal refused
Legal Topics
Certainty of Contract Terms, Mechanism for Determining Interest Rates, Summary Judgment
Contract Law Banking Law Certainty of Contract Terms Mechanism for Determining Interest Rates Summary Judgment

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Parties

John Wilson

Appellant

St George Bank Limited

Respondent

Procedural Posture

Civil Appeal / Application for Leave to Appeal From Summary Dismissal

Legal Issues

  1. 1 Whether the mortgage contract is void or partly void for uncertainty due to undetermined interest rates for the final two years
  2. 2 Whether the mechanism for setting the interest rate constitutes sufficient certainty in contract terms

Ratio Decidendi

The agreement was not void for uncertainty because it included an agreed mechanism to determine future interest rates, which the law recognises as creating sufficient certainty. Therefore, no arguable cause of action existed in the statement of claim.

Court Disposition

leave to appeal refused

Orders

  • Leave to appeal from the judgment of Hamilton AJ is refused with costs.