22 Feb 2010
CAIRNS LOCKIE LTD AND ANOR V AUSTRALIAN MORTGAGE SECURITIES (NZ) AND ORS HC AK CIV-2009-404-005246
- Citation
- openlaw-b8eb6531_1924_4367_948c_354bcc097a53.pdf
- Court
- High Court
The deed and commercial allocation of risk show no express or implied right for AMS to set off an unliquidated claim against commission payments; clause 20.5 bars set off by the correspondent and, absent fraud, it would be unjust to permit equitable set off because it would disrupt the parties' agreed risk allocation and unfairly deprive the correspondent of commissioned income; accordingly equitable set off did not bar summary judgment for unpaid commissions.