Friend v Reavill Farm Pty Ltd [2018] NSWSC 1321

Friend v Reavill Farm Pty Ltd [2018] NSWSC 1321

Where the mortgagor is in default under the terms of a loan secured by mortgage, fails to remedy that default after adequate notice and multiple opportunities, and concedes entitlement to relief, judgment for possession of the mortgaged property and for recovery of the outstanding loan amount, plus interest and costs, is appropriate. Further discretionary time to refinance may be denied if the mortgagor has delayed unreasonably.

Jurisdiction
Australia
Judgment Date
29 August 2018
Procedural Posture
Civil / Judgment (principal Judgment)
Outcome
Judgment for the plaintiffs for possession; monetary judgment for $879,556.24 plus interest; stay of writ of possession to 5.00pm 7 September 2018; costs to the plaintiffs; liberty to apply on 24 hours' notice.
Legal Topics
['mortgages' 'possession of Land' 'default' 'refinance' 'summary Disposal' 'judgment for Plaintiff']
['land Law' 'civil Procedure'] ['mortgages' 'possession of Land' 'default' 'refinance' 'summary Disposal' 'judgment for Plaintiff']

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Procedural Posture

Civil / Judgment (principal Judgment)

Legal Issues

  1. 1 ["Whether the plaintiffs are entitled to possession of the land under the mortgage after defendants' default" 'Whether plaintiffs are entitled to a money judgment for the outstanding loan amount' 'Whether further time should be granted to defendants to refinance before orders are made' 'Whether plaintiffs are entitled to costs']

Ratio Decidendi

Where the mortgagor is in default under the terms of a loan secured by mortgage, fails to remedy that default after adequate notice and multiple opportunities, and concedes entitlement to relief, judgment for possession of the mortgaged property and for recovery of the outstanding loan amount, plus interest and costs, is appropriate. Further discretionary time to refinance may be denied if the mortgagor has delayed unreasonably.

Court Disposition

Judgment for the plaintiffs for possession; monetary judgment for $879,556.24 plus interest; stay of writ of possession to 5.00pm 7 September 2018; costs to the plaintiffs; liberty to apply on 24 hours' notice.

Orders

  • ['Judgment for the plaintiffs for possession of the land described in the statement of claim.' 'Leave to the plaintiffs to apply forthwith for a writ of possession.' 'Stay of execution of the writ of possession up to and including 5.00pm on Friday 7 September 2018.' "Judgment for the plaintiffs against the...