Finlayson v Bagala [2024] NSWSC 94

Supreme Court New South Wales

Medium Neutral Citation: Finlayson v Bagala [2024] NSWSC 94 Hearing dates: 8 February 2024 Date of orders: 8 February 2024 Decision date: 14 February 2024 Jurisdiction: Equity - Duty List Before: Slattery J Decision: Caveat ordered to be lifted to allow the refinancing to occur but on terms including that a fund be paid into Court. Costs reserved. Catchwords: LAND LAW – Caveats – Removal of caveat – extension of operation of caveat - Removal by order of court – Balance of convenience – where re-finance is sought by party on caveated property – where incoming financier will not offer refinance while property is subject to caveat – where on the evidence, there is doubt as to Defendant's capacity to meet loan obligations – where Plaintiff resists refinance on the basis that refinance will diminish the value of her security in the property – whether alternative security can be offered. Legislation Cited: Real Property Act 1900, ss 74K, 74K(2). Cases Cited: Andrews v Wilcox [2008] NSWSC 280 Business Acquisitions Australia Pty Ltd v Renshall (2006) 12 BPR 23,873 Custom Credit Corporation Limited v Ravi Nominees Pty Ltd (1992) 8 WAR 42 Francome v Mirror Group Newspapers Ltd [1984] 1 WLR 892 Gibson v Coordinated Building Services Pty Ltd (1989) NSW ConvR 55-481 Kingstone Constructions Pty Ltd v Crispel Pty Ltd (1991) 5 BPR 11,987 Mellish v Fetoza Pty Ltd [2007] NSWSC 790 Queanbeyan Leagues Club v Poldune Pty Limited (1996) 7 BPR 15,078 Sarandal Pty Ltd v Nameplan Pty Ltd [2007] VSC 568 Category: Procedural rulings Parties: Plaintiff: Melissa Gay Finlayson Defendant: Joseph Bagala Representation: Counsel: Plaintiff: K.P. Tang Defendant: J. O'Sullivan