Australian Secured & Managed Mortgages Pty Ltd v Horizon Hotels Pty Ltd [2022] NSWSC 1647

Supreme Court New South Wales

Medium Neutral Citation: Australian Secured & Managed Mortgages Pty Ltd v Horizon Hotels Pty Ltd [2022] NSWSC 1647 Hearing dates: 14 and 15 July 2022 Date of orders: 06 December 2022 Decision date: 06 December 2022 Jurisdiction: Equity Before: Henry J Decision: See [175] Catchwords: CONTRACTS – construction and interpretation – whether precondition for payment of fees to the second plaintiff under Introducer Mandate Agreement satisfied – where precondition provided for payment of fees if offer of finance within 10% of indicative interest rate (of 2% per month) – where loan did not proceed – where Loan Offer provides for standard and concessional interest rates – whether fees are payable to the first plaintiff under Loan Offer – fees payable to first and second plaintiffs EQUITY – estoppel by convention – whether plaintiffs estopped from enforcing contractual entitlement to payment of fees based on common assumption relating to security – no common assumption – claim fails EQUITY – declaratory relief – form of declarations – whether declarations should be made that defendant's land charged for payment of fees – declarations made REAL PROPERTY – caveats – equitable charges – where Introducer Mandate Agreement and Loan Offer grant equitable charges over defendant's land to secure payment of fees – whether caveats should be extended until payment of fees or further order of the Court – caveats extended Legislation Cited: Civil Procedure Act 2005 (NSW) Real Property Act 1900 (NSW) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Abigroup Ltd v Sandtara Pty Ltd [2002] NSWCA 45 Abou-Hamad v Darwish [2012] NSWSC 231 Andrews v Australia & New Zealand Banking Group Ltd [2012] HCA 30; (2012) 247 CLR 205 Australian Secured & Managed Mortgages Pty Ltd v Horizon Hotels Pty Ltd [2021] NSWSC 1715 Con-Stan Industries of Australia Pty Ltd v Norwich Winterthur Insurance (Aust) Ltd (1986) 160 CLR 266 Ecosse Property Holdings Pty Ltd v Gee Dee Nominees Pty Ltd (2017) 261 CLR 544; [2017] HCA 12 Electricity Generation Corp v Woodside Energy Ltd (2014) 251 CLR 640; [2014] HCA 7 Ell v Ell [2015] NSWCA 38 Iaconis v Lazar [2007] NSWSC 1103 Jones v Dunkel (1959) 101 CLR 298 Kellas-Sharpe v PSAL Ltd [2012] QCA 371 Kowalczuk v Accom Finance Pty Ltd (2008) 77 NSWLR 205; [2008] NSWCA 343 Kyabram Property Investments Pty Limited and Anor v Murray and Anor Murray and Anor v Kyabram Property Investments Pty Limited and Anor [2005] NSWCA 87 Michelangelo Alfredo Mascarello & Anor v Registrar-General of New South Wales [2018] NSWSC 284 Miller Heiman Pty Ltd v Sales Principles Pty Ltd (2017) 94 NSWLR 500; [2017] NSWCA 106 Moratic Pty Ltd v Gordon [2007] NSWSC 5 Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104; [2015] HCA 37 Ryledar Pty Ltd v Euphoric Pty Ltd (2007) 69 NSWLR 603; [2007] NSWCA 65 Taouk v Assure (NSW) Pty Ltd [2017] NSWSC 534 Toll (FGCT) Pty Ltd v Alphapharm (2004) 219 CLR 165; [2004] HCA 52 Wu v Dardeneliotou [2008] NSWSC 1319 Category: Principal judgment Parties: Australian Secured & Managed Mortgages Pty Ltd (First Plaintiff) Craig Highmore (Second Plaintiff) Horizon Hotels Pty Ltd (Defendant) Representation: Counsel: J Foley (First and Second Plaintiffs) B Nolan (Defendant)