Banks v. Permanent Custodians Ltd. & Anor. [2001] NSWSC 61

Banks v. Permanent Custodians Ltd. & Anor. [2001] NSWSC 61

The proceeds from sale of the property are to be distributed proportionately to each party's contribution, including liability undertaken for the mortgage as well as direct financial contributions, as the intention to share equally was conditional on marriage, which did not occur.

Jurisdiction
Australia
Judgment Date
19 February 2001
Procedural Posture
Equitable Proceedings Division of Surplus After Mortgagee Sale / Judgment
Outcome
Orders for distribution of funds in Court in specified proportions, costs to lie where they fall, and indemnities between the parties as to loans.
Legal Topics
['resulting Trusts' 'division of Property' 'de Facto Relationships' 'proportionate Contributions']
['trusts' 'equity'] ['resulting Trusts' 'division of Property' 'de Facto Relationships' 'proportionate Contributions']

Case Brief

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Procedural Posture

Equitable Proceedings Division of Surplus After Mortgagee Sale / Judgment

Legal Issues

  1. 1 ['Whether surplus funds from the sale of jointly owned property by de facto partners should be divided equally or in proportion to financial contributions.' 'Whether property acquired as joint tenants with intent to marry results in equal or proportionate beneficial entitlement on relationship breakdown.']

Ratio Decidendi

The proceeds from sale of the property are to be distributed proportionately to each party's contribution, including liability undertaken for the mortgage as well as direct financial contributions, as the intention to share equally was conditional on marriage, which did not occur.

Court Disposition

Orders for distribution of funds in Court in specified proportions, costs to lie where they fall, and indemnities between the parties as to loans.

Orders

  • ['Declare second defendant entitled to $13,350 plus 10% interest from 30 June 1999 until payment out, from which he must satisfy certain loans.' 'Declare balance to be divided as follows: plaintiff 107,000/228,500, second defendant 121,500/228,500.' "Second defendant to indemnify plaintiff regarding loans from...