Oayda, R.R. & Anor v. Mercantile Mutual Life Insurance Company Ltd [1994] FCA 898

JUDGMENT No, ...2 2.5... 74.

}ecceesssvoroon:

PRACTICE AND PROCEDURE - interlocutory injunctions - whether a serious question to be tried - balance of convenience.

MORTGAGES - discussion of the duty of a mortgagee exercising its power of sale - whether any such duty is owed to a

guarantor.

ROBERT RAFEC OAYDA & ANOR v MERCANTILE MUTUAL LIFE INSURANCE COMPANY LIMITED

No NG 779 of 1994

LINDGREN J SYDNEY 18 NOVEMBER 1994

IN THE FEDERAL COURT OF AUSTRALIA ) NEW SOUTH WALES DISTRICT REGISTRY ) No NG 779 of 1994 GENERAL DIVISION )

ROBERT RAFEC OAYDA First Applicant

A & S$ OAYDA INVESTMENTS PTY LIMITED

Second Applicant AND:

MERCANTILE MUTUAL LIFE INSURANCE COMPANY LIMITED (ACN 009 657

176) Respondent CORAM: LINDGREN J PLACE: SYDNEY DATE: 18 NOVEMBER 1994 MINUTE OF ORDERS THE COURT:

1. ORDERS that the applicants' motion be dismissed.

'

2. ORDERS that the applicants pay the respondent's costs of

the motion.

NOTE: Settlement and entry of orders is dealt with in

Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA )

NEW SOUTH WALES DISTRICT REGISTRY ) No NG 779 of 1994 GENERAL DIVISION ) BETWEEN:

ROBERT RAFEC OAYDA First Applicant

A & S OAYDA INVESTMENTS PTY LIMITED

Second Applicant

AND:

MERCANTILE MUTUAL LIFE INSURANCE COMPANY LIMITED (ACN 009 657

176) Respondent CORAM: LINDGREN J PLACE: SYDNEY DATE: 18 NOVEMBER 1994 REASONS FOR JUDGMENT INTRODUCTION

By their application filed on 11 November 1994 returnable for directions on 1 December 1994 the applicants have sought in relation to a development site known as ""Gardenside" at 1-23

Dixon Street Darling Harbour ("the Property"), the following

relief:

"1. That the Respondent be restrained until further order from entering into any Contract to sell the land referred to in the Schedule below [a reference to the Property].

2. An Order that the Respondent be restrained from taking