The application of Permanent Custodians Limited [2013] NSWSC 1030

The application of Permanent Custodians Limited [2013] NSWSC 1030

The Court was satisfied that the persons potentially entitled to the Surplus Funds had been identified, that appropriate notice had been given to Mr Bradvica, Boral and the other relevant parties, and that Caveat Lenders, North Group and Tamaya each had a beneficial interest in the Surplus Funds arising from their respective mortgage or charges over the Property securing amounts at least equal to the agreed allocations. Directions for payment out were therefore appropriate, subject to a short stay to allow Boral to consider its position.

Jurisdiction
Australia
Judgment Date
30 July 2013
Procedural Posture
Application for Directions for Payment Out of Funds Paid Into Court / Notice of Motion for Directions Pursuant to UCPR Part 55, Rule 55.11
Outcome
Directions given
Legal Topics
['sale Under Mortgagee Power' 'surplus Proceeds of Sale Paid Into Court' 'directions for Payment Out' 'notice to Interested Parties' 'substituted Service']
['mortgages' 'trusts and Equity' 'civil Procedure'] ['sale Under Mortgagee Power' 'surplus Proceeds of Sale Paid Into Court' 'directions for Payment Out' 'notice to Interested Parties' 'substituted Service']

Case Brief

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Procedural Posture

Application for Directions for Payment Out of Funds Paid Into Court / Notice of Motion for Directions Pursuant to UCPR Part 55, Rule 55.11

Legal Issues

  1. 1 ['Whether proper notice of the applications had been given to all relevant parties who may have an interest in the Surplus Funds.' 'Whether the applicants identified the persons who may have an interest in the fund paid into Court.' 'Whether the applicants had beneficial interests in the Surplus Funds by reason of their interests in the Property.' 'Whether the agreed division of the Surplus Funds should be reflected in directions for payment out.']

Ratio Decidendi

The Court was satisfied that the persons potentially entitled to the Surplus Funds had been identified, that appropriate notice had been given to Mr Bradvica, Boral and the other relevant parties, and that Caveat Lenders, North Group and Tamaya each had a beneficial interest in the Surplus Funds arising from their respective mortgage or charges over the Property securing amounts at least equal to the agreed allocations. Directions for payment out were therefore appropriate, subject to a short stay to allow Boral to consider its position.

Court Disposition

Directions given

Orders

  • ["Caveat Lenders' application and the material relied upon in support of it is to be taken to have been served on Mr Bradvica on 24 July 2013 pursuant to UCPR Part 10, rule 10.14." 'Orders made in the short minutes of order initialled and dated by the Court.' 'The operation of orders 2 and 3 in the short minutes of...