Saral Investments Pty Ltd v Russell Charles Mansfield & Anor [2010] NSWSC 428

Saral Investments Pty Ltd v Russell Charles Mansfield & Anor [2010] NSWSC 428

The documentary evidence established that an error occurred in naming the plaintiff in the convertible note and guarantees, justifying rectification. As default occurred under the rectified note, the plaintiff is entitled to judgment for the principal and interest claimed.

Parties
Plaintiff: Saral Investments Pty Ltd; First Defendant: Russell Charles Mansfield; Second Defendant: Nigel Charles Purves
Jurisdiction
Australia
Judgment Date
05 May 2010
Procedural Posture
Equity Proceeding / Principal Judgment
Outcome
Rectification ordered. Judgment entered for the plaintiff.
Legal Topics
Rectification, Convertible Note, Monies Owing
Equity Rectification Convertible Note Monies Owing

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Saral Investments Pty Ltd

Plaintiff

Russell Charles Mansfield

First Defendant

Nigel Charles Purves

Second Defendant

Procedural Posture

Equity Proceeding / Principal Judgment

Legal Issues

  1. 1 Whether the convertible note document should be rectified to reflect the correct holder's name
  2. 2 Whether the guarantees should be rectified to reflect the correct company name
  3. 3 Whether the plaintiff is entitled to payment under the rectified convertible note including interest

Ratio Decidendi

The documentary evidence established that an error occurred in naming the plaintiff in the convertible note and guarantees, justifying rectification. As default occurred under the rectified note, the plaintiff is entitled to judgment for the principal and interest claimed.

Court Disposition

Rectification ordered. Judgment entered for the plaintiff.

Orders

  • Rectification of convertible note and guarantees to name Saral Investments Pty Ltd as holder and beneficiary.
  • Judgment for Saral Investments Pty Ltd against both defendants jointly and severally for $93,119.71 (principal $75,000, interest $18,119.71).