RATCLIFFE and ANOR v OCEANIC LIFE LTD [1998] NSWCA 180

RATCLIFFE and ANOR v OCEANIC LIFE LTD [1998] NSWCA 180

The assignment from Permanent to Oceanic was legally effective and Mr Ratcliffe and Mr Tuck remained bound by the guarantee, which had also been validly assigned; there is no warrant for disregarding the form documented by the parties.

Parties
Appellant: Mr Ratcliffe; Appellant: Mr Tuck; Respondent: Oceanic Life Ltd; Mortgagor: Glowtide Pty Ltd; Assignor: Permanent Trustee Company Ltd
Jurisdiction
Australia
Judgment Date
10 March 1998
Procedural Posture
Appeal / Judgment of the Court of Appeal
Outcome
appeal dismissed with costs
Legal Topics
Assignment of Debt, Guarantee Liability, Mortgage Security, Stamp Duty Minimisation
Contract Property Commercial Law Assignment of Debt Guarantee Liability Mortgage Security Stamp Duty Minimisation

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Parties

Mr Ratcliffe

Appellant

Mr Tuck

Appellant

Oceanic Life Ltd

Respondent

Glowtide Pty Ltd

Mortgagor

Permanent Trustee Company Ltd

Assignor

Procedural Posture

Appeal / Judgment of the Court of Appeal

Legal Issues

  1. 1 Whether assignment of the benefit of a guarantee is legally effective so that guarantors become bound to the assignee
  2. 2 Whether the parties’ form of contract for refinancing is legally effective according to its tenor

Ratio Decidendi

The assignment from Permanent to Oceanic was legally effective and Mr Ratcliffe and Mr Tuck remained bound by the guarantee, which had also been validly assigned; there is no warrant for disregarding the form documented by the parties.

Court Disposition

appeal dismissed with costs

Orders

  • Appeal dismissed with costs