H P Mercantile Pty Limited v Thomas; H P Mercantile Pty Limited v Chandelle Nominees Pty Limited; H P Mercantile Pty Limited v Hobson [2006] NSWDC 109

New South Wales District Court

CITATION: H P Mercantile Pty Limited v Thomas; H P Mercantile Pty Limited v Chandelle Nominees Pty Limited; H P Mercantile Pty Limited v Hobson [2006] NSWDC 109

HEARING DATE(S): 9-12, 16-18 October 2006

JUDGMENT DATE: 30 November 2006

JUDGMENT OF: Rein SC DCJ

DECISION: See [100].

CATCHWORDS: Assignments of loan debts - whether loans made - whether promise made that loans would not be assigned - effect of promise - requirements for legal and equitable assignment - presence of consideration - whether assignments conditional - allocation by creditor of payments - portion of interest statute barred

Conveyancing Act 1919, s 12 LEGISLATION CITED: Duties Act 1997 Limitation Act 1969, s 43 Stamp Duties Act 1920

Anning v Anning (1907) 4 CLR 1049; [1907] HCA 13 Arrale v Costain Civil Engineering Ltd [1976] 1 Lloyd's Rep 98 Australian Woollen Mills Pty Ltd v Commonwealth (1954) 92 CLR 424 Carlill v Carbolic Smoke Ball Co [1893] 1 QB 256 City & Westminster Properties (1934) Ltd v Mudd [1959] Ch 129; [1958] 2 All ER 733 Clyne v Deputy Commissioner of Taxation (1981) 150 CLR 1 Cook v Wright (1861) 1 B & S 559 at 589; 121 ER 822 Corin v Patton (1990) 169 CLR 540 Equuscorp Pty Ltd v Glengallan Investments Pty Ltd (2004) 218 CLR 471; [2004] HCA 55 Grey v Australian Motorists & General Insurance Co [1976] 1 NSWLR 669 H P Mercantile Pty Ltd v Kibblewhite (unreported, Walmsley DCJ, 18/12/03) H P Mercantile Pty Ltd v Meakes (unreported, Rein DCJ, 23/06/04) Healey v Commonwealth Bank of Australia [1998] NSWSC 678 Helstan Securities Ltd v Hertfordshire County Council [1978] 3 All ER 262 Hoyt's Pty Ltd v Spencer (1919) 27 CLR 133; [1919] HCA 64 Interstate Investment Co Ltd v Mobbs (1928) 28 SR(NSW) 572 Jones v Dunkel (1959) 101 CLR 298 CASES CITED: Karam v ANZ Banking Group Ltd [2003] NSWSC 866 L Schuler AG v Wickman Machine Tool Sales Ltd [1974] AC 235; [1973] 2 All ER 39 Lawrence v Cassell [1930] 2 KB 83 Linden Gardens Trust Ltd v Lenesta Sludge Disposals Ltd [1994] 1 AC 85; [1993] 3 All ER 417 Magill v National Australia Bank Ltd (2001) Aust Contract R 90-131; [2001] NSWCA 221 Maybury v Atlantic Union Oil Co Ltd (1953) 89 CLR 507 Milroy v Lord (1862) 4 De GF & J 264; 45 ER 1185 Norman v Federal Commissioner of Taxation (1963) 109 CLR 9 Olsson v Dyson (1969) 120 CLR 365 Re Mount Tomah Blue Metals Ltd (in liq) [1963] ALR 346 Redman v Permanent Trustee Co of New South Wales Ltd (1916) 22 CLR 84; [1916] HCA 47 Shepperd v Ryde Corporation (1952) 85 CLR 1 Soufflet Beheer v AWB Ltd [2006] FCA 51 Southern British National Trust Ltd (in liq) v Pither (1937) 57 CLR 89 Specialised Transport Pty Ltd v Dominiak (1989) 16 NSWLR 657 Sportsvision Australia Pty Ltd v Tallglen Pty Ltd (1998) 44 NSWLR 103 Tailby v Official Receiver (1888) 13 App Cas 523 Upper Hunter County District Council v Australian Chilling & Freezing Co Ltd (1968) 118 CLR 429 Wickham Holdings Ltd v Brooke House Motors Ltd [1967] 1 All ER 117