Naro Investments Pty Limited v Benjamin & Khoury Pty Limited [2020] NSWSC 656

Supreme Court New South Wales

Medium Neutral Citation: Naro Investments Pty Limited v Benjamin & Khoury Pty Limited [2020] NSWSC 656 Hearing dates: 21 May 2020 Date of orders: 21 May 2020 Decision date: 21 May 2020 Jurisdiction: Equity Before: Rees J Decision: Dismiss the application. Catchwords: MORTGAGES – appointment of receiver – deed of appointment not registered – mortgagor disputes power of sale – s 115A(2)(c) Conveyancing Act – analysis in Isherwood v Butler Pollnow remains apposite to amended section – receiver has power of sale

INTERLOCUTORY INJUNCTION – mortgagor in protracted default – mortgagor and second mortgagee want to sell property together with adjoining property – first registered mortgagee initially permits such efforts – no auction after 4 months – first registered mortgagee appoints real estate agent – mortgagor appoints real estate agent – receiver's staff chased off property and pursued by car – no serious issue to be tried – balance of convenience favours mortgagee – injunctions refused – indemnity costs Legislation Cited: Conveyancing (Covenants) Amendments Act 1986 (NSW) Conveyancing Act 1919 (NSW), ss 115A, 115A(2)(c), 115A(3) Corporations Act 2001 (Cth), s 420(2)(a) Real Property Act 1900 (NSW), ss57(2)(b), 60, 63 Cases Cited: Commonwealth Bank of Australia v Stavrianos (Supreme Court (NSW), Graham AJ, 17 October 1997, unrep BC9706506) Inglis v Commonwealth Trading Bank of Australia [1972] HCA 74; (1972) 126 CLR 161 Isherwood v Butler Pollnow Pty Ltd (1986) 6 NSWLR 363 Kyabram Property Investments Pty Limited v Murray [2005] NSWCA 87 MCP Muswellbrook Pty Ltd v Deutsche Bank (Asia) AG (1988) 12 NSWLR 16 Naro Investments Pty Ltd v Benjamin & Khoury Pty Limited [2019] NSWSC 1297 Northway Panels v Warry [2018] VSC 581 R J Wood Pty Ltd v Sherlock (1988) 217 ALR 38 Category: Procedural and other rulings Parties: Naro Investments Pty Limited (First Plaintiff/Applicant)