Arida v Arida & Ors; Arida v Arida & Ors (No. 2) [2014] NSWSC 579

Arida v Arida & Ors; Arida v Arida & Ors (No. 2) [2014] NSWSC 579

The trustees, as vendors, were not entitled to interest under special condition 36 after 24 December 2013 because they were not ready, willing and able to settle and were in default. Costs should follow the event in relation to the Interest Motion, while each party should bear their own costs with respect to the Citibank Motion, as neither party's conduct made an order for costs appropriate.

Parties
Plaintiff: Tony Arida; First Defendant: Sid Arida; Second Defendant: Joseph Arida; Third Defendant: George Arida; Fourth Defendant: Bruce Gleeson; Fifth Defendant: David Graham Shannon
Jurisdiction
Australia
Judgment Date
13 May 2014
Procedural Posture
Contractual and Equitable Dispute / Post Judgment Motions Regarding Interest and Costs
Outcome
Orders made—no interest payable to vendor for the period in dispute; costs to follow the event re Interest Motion; each party to bear own costs on Citibank Motion; further directions as set out.
Legal Topics
Vendor and Purchaser, Construction of Agreement, Interest on Settlement, Costs Orders, Trustees' Entitlement, Default Under Contract, Power of the Court Under Trustee Act
Contract Equity Trusts Costs Vendor and Purchaser Construction of Agreement Interest on Settlement Costs Orders +3 more

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Parties

Tony Arida

Plaintiff

Sid Arida

First Defendant

Joseph Arida

Second Defendant

George Arida

Third Defendant

Bruce Gleeson

Fourth Defendant

David Graham Shannon

Fifth Defendant

Procedural Posture

Contractual and Equitable Dispute / Post Judgment Motions Regarding Interest and Costs

Legal Issues

  1. 1 Whether interest is payable to the vendor-trustees during the period from the revised completion date under the Church Street contract (24 December 2013) and actual settlement (24 January 2014)
  2. 2 Whether costs should follow the event in relation to the Interest Motion
  3. 3 Whether each party should bear their own costs on the Citibank Motion

Ratio Decidendi

The trustees, as vendors, were not entitled to interest under special condition 36 after 24 December 2013 because they were not ready, willing and able to settle and were in default. Costs should follow the event in relation to the Interest Motion, while each party should bear their own costs with respect to the Citibank Motion, as neither party's conduct made an order for costs appropriate.

Court Disposition

Orders made—no interest payable to vendor for the period in dispute; costs to follow the event re Interest Motion; each party to bear own costs on Citibank Motion; further directions as set out.

Orders

  • Order that the sum of $479,862.82 held by the trustees for sale be paid to the plaintiff, Mr Tony Arida, without deduction on account of interest for the period 24 December 2013 to 24 January 2014.
  • Order that the first, second and third defendants pay the plaintiff's costs of the defendants' 5 March 2014 motion in proceedings 2011/109699.