Naxatu Pty Limited v Perpetual Trustee Company Limited [2012] FCAFC 163

FEDERAL COURT OF AUSTRALIA

Naxatu Pty Limited v Perpetual Trustee Company Limited [2012] FCAFC 163 Citation: Naxatu Pty Limited v Perpetual Trustee Company Limited [2012] FCAFC 163

Appeal from: Naxatu Pty Limited v Perpetual Trustee Company Limited; In the Matter of Sterling Estates Development Corporation Pty Limited (Receivers and Managers Appointed) (Subject to a Deed of Company Arrangement) [2011] FCA 669

Parties: NAXATU PTY LIMITED ACN 002 197 131 v PERPETUAL TRUSTEE COMPANY LIMITED ACN 000 001 007

File number: NSD 1107 of 2011

Judges: DOWSETT, JAGOT AND YATES JJ

Date of judgment: 16 November 2012

Catchwords: MORTGAGES – rule in Hopkinson v Rolt [1861] 9 HL Cas 519; (1861) 11 ER 829 – whether rule is engaged where advances made by first and second mortgagees before notice of the other's mortgage – effect of s 58(3) Real Property Act 1900 (NSW) PRACTICE AND PROCEDURE – whether leave should be granted to tender further evidence pursuant to s 27 Federal Court of Australia Act 1976 (Cth)

Legislation: Corporations Act 2001 (Cth) ss 9, 420, 423 Federal Court of Australia Act 1976 (Cth) s 27 Real Property Act 1900 (NSW) ss 36, 56A, 58

Cases cited: Across Australia Finance Pty Ltd v Kalls [2008] NSWSC 783, 14 BPR [26,265] cited Bank of New South Wales v City Mutual Life Assurance Society Ltd [1969] VR 556 cited Chase Corporation (Australia) Pty Ltd v North Sydney Brick & Tile Co Ltd (1994) 35 NSWLR 1 cited Commonwealth Bank of Australia v Grubic (27 August 1993 – unreported on this point; BC 9300359) cited Commonwealth Trading Bank v Colonial Mutual Life Assurance Society Ltd [1970] Tas S R 120 considered Deeley v Lloyds' Bank Ltd [1912] AC 756 cited Gordon v Graham (1716) 2 Eq Cas Abr 598; 22 ER 502 considered Hall v Poolman (2009) 75 NSWLR 99 cited Hopkinson v Rolt (1861) 11 ER 829; 9 HL Cas 519 considered Lawrance v Goldsworthy (1857) 3 Jur NS 1049 cited London and County Banking Co v Ratcliffe (1881) 6 App Cas 722 cited Macchia v Nilant (2001) 110 FCR 101 cited Matzner v Clyde Securities Ltd (1975) 2 NSWLR 293 cited Mercantile Credits Ltd v ANZ Banking Group Ltd (1988) 48 SASR 407 cited Miles v Official Receiver in Bankruptcy (1963) 109 CLR 501 cited Mir Bros Projects Pty Ltd v Lyons (1977) 2 NSWLR 192 cited Naxatu Pty Limited v Perpetual Trustee Company Limited; In the Matter of Sterling Estates Development Corporation Pty Limited (Receivers and Managers Appointed) (Subject to a Deed of Company Arrangement) [2011] FCA 669 considered Northbourne Developments Pty Ltd v Reiby Chambers Pty Ltd (1989) 19 NSWLR 434 cited Oamington Pty Ltd (Receiver & Manager Appointed) v Commissioner of Land Tax (1997) 98 ATC cited Sarge Pty Ltd v Cazihaven Homes Pty Ltd (1994) 34 NSWLR 658 cited Webb v Smith (1885) 30 Ch D 192 cited West v Williams [1899] 1 Ch 132 cited Westpac Banking Corporation v Adelaide Bank [2005] NSWSC 517; 12 BPR 22,919 cited Westpac Banking Corporation v Daydream Island Pty Ltd [1985] 2 Qd R 330 cited Chambers F, Fisher and Lightwood's Law of Mortgage (13th UK ed, LexisNexis Butterworths, 2010) LawBook Co., The Laws of Australia, (at 1 November 2009) Vol 15 LexisNexis, Halsbury's Laws of Australia, (at 20 May 2010) Vol 19 Meagher RP, Heydon JD and Leeming MJ, Meagher, Gummow and Lehane's Equity: Doctrines and Remedies (4th ed, LexisNexis Butterworths, 2002) Sykes EI and Walker S, The Law of Securities (5th ed, LawBook Co., 1993) Tyler ELG, Young PW and Croft C, Fisher and Lightwood's Law of Mortgage (2nd Aust ed, LexisNexis Butterworths, 2005)