Noble Solutions Pty Limited v Young [2014] NSWSC 1419

Noble Solutions Pty Limited v Young [2014] NSWSC 1419

The plaintiff's entitlement to contractual interest ended when judgment was awarded on 12 September 2013 because the cause of action merged in that judgment. The judgment amount should be fixed at the amount owing as at that date, $118,415.68, and the plaintiff was entitled only to statutory post-judgment interest under s 101 of the Civil Procedure Act 2005 (NSW), not further contractual interest at the default rate. Because the plaintiff sought judgment for an amount to which it was not entitled and was not entitled to all moneys in Court, no costs order was made on the amended notice of motion.

Jurisdiction
Australia
Judgment Date
12 September 2014
Procedural Posture
Civil Proceedings Concerning a Loan Agreement, Mortgage Enforcement, Post Judgment Interest and Costs / Amended Notice of Motion Seeking Monetary Judgment and Payment Out of Moneys Held in Court After Earlier Default and Summary Judgment
Outcome
Judgment fixed for the plaintiff in the sum of $118,415.68 effective from 12 September 2013; plaintiff entitled to payment out of part of the moneys in Court with statutory interest; no order as to costs of the amended notice of motion.
Legal Topics
['post Judgment Interest' 'contractual Interest' 'statutory Interest' 'judgment Debt' 'payment Out of Court' 'no Order as to Costs']
['civil Procedure' 'contract Law' 'mortgage Enforcement' 'costs'] ['post Judgment Interest' 'contractual Interest' 'statutory Interest' 'judgment Debt' 'payment Out of Court' 'no Order as to Costs']

Case Brief

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Procedural Posture

Civil Proceedings Concerning a Loan Agreement, Mortgage Enforcement, Post Judgment Interest and Costs / Amended Notice of Motion Seeking Monetary Judgment and Payment Out of Moneys Held in Court After Earlier Default and Summary Judgment

Legal Issues

  1. 1 ['Whether the plaintiff was entitled to post-judgment interest at the contractual default rate after judgment was awarded on 12 September 2013.' 'Whether the plaintiff was entitled to post-judgment interest pursuant to s 101 of the Civil Procedure Act 2005 (NSW).' 'Whether the judgment amount should be fixed notwithstanding that the earlier judgment did not specify the monetary sum.' 'Whether the plaintiff should receive its costs of the amended notice of motion.']

Ratio Decidendi

The plaintiff's entitlement to contractual interest ended when judgment was awarded on 12 September 2013 because the cause of action merged in that judgment. The judgment amount should be fixed at the amount owing as at that date, $118,415.68, and the plaintiff was entitled only to statutory post-judgment interest under s 101 of the Civil Procedure Act 2005 (NSW), not further contractual interest at the default rate. Because the plaintiff sought judgment for an amount to which it was not entitled and was not entitled to all moneys in Court, no costs order was made on the amended notice of motion.

Court Disposition

Judgment fixed for the plaintiff in the sum of $118,415.68 effective from 12 September 2013; plaintiff entitled to payment out of part of the moneys in Court with statutory interest; no order as to costs of the amended notice of motion.

Orders

  • ['Judgment be given for the plaintiff against the first defendant and the second defendant in the sum of $118,415.68 and that this judgment take effect as from 12 September 2013.' '$127,653.73 plus $27.58 per day from 13 September 2014 to the date of payment be paid to the plaintiff out of the moneys held in court.'...