Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Helimount Pty Limited (in Liquidation) v Web Wealth Proprietary Limited [2007] FCA 1936
MORTGAGES – whether equitable mortgage granted over land – where certificates of title deposited with lender – where mortgage not registered – whether lender acted in a way that surrendered its security Held – equitable mortgage granted Federal Court (Corporations) Rules 2000 (Cth) Real Property Act 1886 (SA) Theodore v Mistford Pty Ltd (2005) 221 CLR 612 considered Bank of New South Wales v O'Connor (1889) 14 App Cas 273 cited In re Wallis & Simmonds (Builders) Ltd [1974] 1 WLR 391 cited Arnick Holdings Limited and Ankar Pty Ltd v Australian Bank Ltd (unreported, Supreme Court of New South Wales (Equity Division), Bryson J, 4 December 1987) distinguished HELIMOUNT PTY LIMITED (IN LIQUIDATION) v WEB WEALTH PROPRIETARY LIMITED SAD 19 OF 2006
MANSFIELD J
7 DECEMBER 2007
ADELAIDE
IN THE FEDERAL COURT OF AUSTRALIA
SOUTH AUSTRALIA DISTRICT REGISTRY SAD 19 OF 2006
BETWEEN: HELIMOUNT PTY LIMITED (IN LIQUIDATION)
Applicant
AND: WEB WEALTH PROPRIETARY LIMITED
Respondent
JUDGE: MANSFIELD J DATE OF ORDER: 7 DECEMBER 2007
WHERE MADE: ADELAIDE
THE COURT DECLARES THAT:
1. Web Wealth Pty Ltd has an interest in the fund held by Hugh Martin in his capacity as the liquidator of Helimount Pty Ltd (In liq) comprising the proceeds of sale of the land described in Certificates of Title Register Book Volume 9983 Folio 505 and Volume 9593 Folio 463 ("the properties") corresponding to the equitable mortgage in its favour created by the deposit of duplicate certificates of title held by Helimount Pty Ltd in January 2005. THE COURT ORDERS THAT: 2. Hugh Martin in his capacity as the Liquidator of Helimount Pty Ltd (In liq) pay to Web Wealth Pty Ltd such sum as represents the proceeds of sale of the properties less the costs and disbursements of the liquidator in realising the properties. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. IN THE FEDERAL COURT OF AUSTRALIA
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