11 Aug 2009
SOUTHERN CROSS BUILDING SOCIETY V VULETIC HC AK CIV 2008-404-008684
- Citation
- openlaw-7cb17345_d04b_4ca9_b637_c4ad96f0896e.pdf
- Court
- High Court
Southern Cross met its s176 duty because it engaged reputable agents who conducted active, open, property-specific marketing (tender and auction processes), accepted that market conditions had changed since earlier valuations or offers, and properly applied insurance proceeds under the Act; those facts establish no bona fide defence and justify summary judgment for the outstanding loan shortfalls.