Macquarie Leasing Pty Ltd v DEQMO Pty Ltd [2014] NSWSC 1466

Macquarie Leasing Pty Ltd v DEQMO Pty Ltd [2014] NSWSC 1466

DEQMO Pty Ltd's claimed security interest was void for want of a valid grant, absence of an enforceable agreement, lack of value provided, and because a company cannot give itself a security interest; the orders sought by Macquarie were granted.

Jurisdiction
Australia
Judgment Date
17 October 2014
Procedural Posture
Equity Amendment Demand Under Personal Property Securities Act 2009 (cth) / Judgment
Outcome
Orders made in favour of the plaintiff; DEQMO's claimed security interest declared void; Registrar to remove DEQMO's registration; defendants restrained from future registrations; costs awarded to plaintiff.
Legal Topics
['personal Property Securities' 'competing Security Interests' 'amendment Demand' 'security Interest Validity' 'priority Between Security Interests']
['equity' 'personal Property Securities'] ['personal Property Securities' 'competing Security Interests' 'amendment Demand' 'security Interest Validity' 'priority Between Security Interests']

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Procedural Posture

Equity Amendment Demand Under Personal Property Securities Act 2009 (cth) / Judgment

Legal Issues

  1. 1 ['Whether DEQMO Pty Ltd had a valid security interest over the truck' "Whether the DEQMO security interest had priority over Macquarie's security interest" 'Appropriateness of amendment demand and resulting orders under the PPSA']

Ratio Decidendi

DEQMO Pty Ltd's claimed security interest was void for want of a valid grant, absence of an enforceable agreement, lack of value provided, and because a company cannot give itself a security interest; the orders sought by Macquarie were granted.

Court Disposition

Orders made in favour of the plaintiff; DEQMO's claimed security interest declared void; Registrar to remove DEQMO's registration; defendants restrained from future registrations; costs awarded to plaintiff.

Orders

  • ["Declaration that DEQMO's security interest is void and of no effect" "Order that the Registrar register a financing change statement removing DEQMO's registration" 'Order restraining DEQMO, Mr Culleton, or related entities from registering any financing statement for the truck' "DEQMO and Mr Culleton to pay...