Coughlan v George [2003] NSWSC 512

New South Wales Supreme Court

CITATION : Coughlan v George [2003] NSWSC 512 HEARING DATE(S) : 10 and 11 June 2003 JUDGMENT DATE : 11 June 2003 JURISDICTION: Equity JUDGMENT OF : Hamilton J DECISION : Interest not payable because obligation to tender principal dispensed with by conduct of mortgagor.

CATCHWORDS : INTEREST [7] - Recoverability of interest - Award of interest as damages - In New South Wales - Other cases - Mortgage without covenant for payment of interest - Whether interest may be awarded as damages where principal not repaid on due date - MORTGAGES [9] - Mortgages and charges generally - The mortgage - Covenants - For payment of interest - When payable - No covenant for interest - Whether interest may be awarded as damages when principal not repaid on due date. Broadbank Corporation Ltd v Mosgiel Ltd [1985] 1 NZLR 257 Challenge Bank Ltd v Hodgekiss NSWSC 17 August 1995 unreported Cook v Fowler (1874) LR 7 HL 27 GWH Pty Ltd v Commonwealth Bank of Australia NSWSC 14 December 1994 unreported Hawkesbury Valley Developments Pty Ltd v Custom Credit Corporation Ltd NSWSC 9 December 1994 unreported Hungerfords v Walker (1990) 171 CLR 125 Kerford v Mondell (1859) 28 LJ Ex CASES CITED : Kitson v Goodge (1997) 7 BPR 15,173 Lai v Gong (1997) 8 BPR 15,837 McPherson v Summerville (1905) 6 SR (NSW) 1 Re Andersons Seeds Ltd [1971] 2 NSWLR 120 Scarfe v Morgan (1838) 4 M&W 270; 150 ER 1430 The Norway (1864) 2 Br&L 377; 167 ER 408 E L G Tyler, P W Young and C E Croft, Fisher and Lightwood's Law of Mortgage (Aust Ed, 1995) [32.35], [39.40] Roscoe's Evidence in Civil Actions (20th ed, 1934) 996 - 997 PARTIES : Mark John Coughlan (P) Peter George (D) FILE NUMBER(S) : SC 3588/02 COUNSEL : E G H Cox (P) C D Freeman (D) SOLICITORS : Grahame W Howe & Co (P) Maurice Harrison & Associates (D)