R J & M Bezzina Pty Ltd & Ors v Saxby Bridge Mortgages Pty Ltd [2004] NSWCA 211

New South Wales Court of Appeal

CITATION : R J & M Bezzina Pty Ltd & Ors v Saxby Bridge Mortgages Pty Ltd [2004] NSWCA 211 HEARING DATE(S) : 10 June 2004 JUDGMENT DATE : 23 June 2004

JUDGMENT OF : Giles JA at 1; Hodgson JA at 39; Cripps AJA at 40 DECISION : Appeal dismissed. Cross-appeal allowed and respondent's judgment increased to $155,000 plus interest. Order for costs below should stand. Appellants to pay the respondent's costs of the appeal and cross-appeal. Parties directed to bring in within seven days short minutes of order in accordance with these reasons.

CATCHWORDS : Agreement for procuring finance - brokerage fee payable if procured - exclusivity - if another party engaged and found finance, brokerage immediately payable - whether on construction of agreement merely accelerated payment - whether unenforceable as a penalty - held no and no. D AMEV Finance Ltd v Artes Studios Thoroughbreds Pty Ltd (1989) 15 NSWLR 564; CASES CITED : AMEV-UDC Finance Ltd v Austin (1986) 162 CLR 170; Dunlop Pneumatic Tyre Company Ltd v New Garage and Motor Company Ltd (1915) AC 79; Edwards v Massey (1947) St R Qd 226. R J & M Bezzuba Pty Ltd - First Appellant P & N Butterfield Pty Ltd - Second Appellant JLB Developments Pty Ltd - Third Appellant PARTIES : Ronald Bezzina - Fourth Appellant James Bezzina - Fifth Appellant Peter Butterfield - Sixth Appellant Saxby Bridge Mortgages Pty Ltd - Respondent FILE NUMBER(S) : CA 41095/03 COUNSEL : R J Powell SC & J C Hewitt - Appellants D Pritchard - Respondent SOLICITORS : Turtons - Appellants Moloney Lawyers, Potts Point - Respondent