Commonwealth Bank of Australia -v- Randle & Ors, Commonwealth Bank of Australia -v- Rinhilt Pty Limited [2001] NSWSC 119

New South Wales Supreme Court

CITATION : Commonwealth Bank of Australia -v- Randle & Ors, Commonwealth Bank of Australia -v- Rinhilt Pty Limited [2001] NSWSC 119 FILE NUMBER(S) : SC 15142/92; 15096/92 HEARING DATE(S) : 10/02/00, 14/02/00 - 18/02/00, 26/06/00 - 30/06/00, 14/08/00 -18/08/00 JUDGMENT DATE : 7 March 2001

PARTIES : Commonwealth Bank of Australia (ACN 123 123 124) -v- Edwin Alfred Randle and Pauline Susan Randle Commonwealth Bank of Australia (ACN 123 123 124) -v- Rinhilt Pty Limited (ACN 003 622 017) JUDGMENT OF : Bell J at 1

RG Forster QC (Plaintiff/Cross-Defendant) Mr Edwin A Randle - (First & Second Defendants/First and Second Cross Claimants) COUNSEL : RG Forster QC (Plaintiff) Mr Edwin A Randle - Rinhilt Pty Limited Abbott Tout (Plaintiff/Cross-Defendant)) Mr Edwin A Randle (First & Second Defendants/First and Second Cross Claimants)) SOLICITORS : Abbott Tour (Plaintiff) Mr Edwin A Randle - Rinhilt Pty Limited CATCHWORDS : Fully drawn loan facilities - development project - what constitutes reasonable conduct by the financier with respect to release of progress payments in the absence of express terms. Real Property Act,1900 LEGISLATION CITED : Residential Tenancies Act 1987 Contracts Review Act 1980 CASES CITED : Parras Holdings Pty Ltd v Commonwealth Bank of Australia (unreported, 24 October 1997) DECISION : 1. In proceedings No 15142/92 verdict and judgment for the plaintiff against the second defendant in the sum of $2,860,368.67.; 2. Dimiss the amended cross-claim.; 3. The defendants/cross-claimants are to pay the plaintiff/cross-defendants' costs as agreed or assessed.; 4. In proceedings No 15096/92 verdict and judgment for the plaintiff as against the first defendant in the sum of $2,743,108.67.; 5. Judgment for the plaintiff for possession of the whole of the land comprised in Certificate of Title Folio Identifier 5/SP 40383 and known as 5/21 Anembo Road, Berowra in the State of New South Wales.; 6. Dismiss the amended cross-claim.; 7. The defendants/cross-claimants to pay the plaintiffs/cross-defendants' costs as agreed or assessed.