Ostabridge v Stafford [2001] NSWSC 131

New South Wales Supreme Court

CITATION : Ostabridge v Stafford [2001] NSWSC 131 CURRENT JURISDICTION: Equity Division Commercial List FILE NUMBER(S) : SC 50058/2000 HEARING DATE(S) : 05/03/01, 06/03/01 JUDGMENT DATE : 12 March 2001

Ostabridge Pty Limited (In Liquidation) (Receiver Appointed) - Plaintiff Wayne Albert Stafford - First Defendant PARTIES : Garry Leslie Stafford - Second Defendant Leslie Richard Stafford - Third Defendant Daphne Gwendoline Stafford - Fourth Defendant JUDGMENT OF : Rolfe J

COUNSEL : Mr J.M. Ireland QC/Ms S.C. Dowling - Plaintiff Mr B.A.J. Coles QC/Mr M.A. Ashhurst - Defendants SOLICITORS : Smits Leslie - Plaintiff M.D. Nikolaidis & Co - Defendants CATCHWORDS : Legal Assignment of Securities. Defence of guarantor against a claim by the Assignor an equity binding on the Assignee, so that as the Assignor had covenanted not to sue the guarantor, the Assignee could not - Limitation Act: What amounts to a confirmation under s.54(2). held, in the circumstances of this case, no confirmation. Limitation Act 1969 LEGISLATION CITED : Supreme Court Act 1970 Conveyancing Act 1919 Evidence Act 1995 Concrete Constructions Pty Limited v Government Insurance Office of New South Wales (1966) 85 NSW WN 104 Redman v The Permanent Trustee Company of New South Wales Limited & Ors (1916) 22 CLR 84 The Southern British National Trust Limited (In Liquidation) v Pither & Anor (1937) 57 CLR 89 National Executors and Trustees Co of Tasmania Limited v Hurburgh [1959] Tas SR 25 Re Harry Simpson & Company Pty Limited and The Companies Act [1964-65] NSWR 603 CASES CITED : Provident Finance Corporation Pty Limited v Hammond [1978] VR 312 Hepburn v McDonnell (1918) 25 CLR 199 Deane v The City Bank of Sydney (1918) 25 CLR 215 Surrendra Overseas Limited v Government of Sri Lanka [1977] 2 All ER 481 Bucknell v The Commercial Banking Company of Sydney Limited (1937) 58 CLR 155 Meagher, Gummow & Lehane, Equity Doctrines and Remedies (3rd Edition) Set-Off, Professor Derham, 2nd Edition DECISION : I order that:-; (a) the proceedings be dismissed; (b) the plaintiff pay the defendants' costs of the proceedings; (c) the exhibits be returned at the expiration of twenty eight (28) days unless within that time an appeal against this decision has been brought.