Myross (NSW) v Kahlefeldt Securities [2003] NSWSC 138

Reported Decision : (2003) NSW ConvR 56-055

New South Wales Supreme Court

CITATION : Myross (NSW) v Kahlefeldt Securities [2003] NSWSC 138 HEARING DATE(S) : 06/03/03 JUDGMENT DATE : 13 March 2003 JURISDICTION: Equity Division JUDGMENT OF : Barrett J DECISION : Declaration that mortgagor entitled to redeem early with interest to redemption only

CATCHWORDS : MORTGAGES - rights of mortgagor - principal sum payable on fixed date - whether mortgagor may redeem early with interest to date of redemption only - effect of notice given by mortgagee under Farm Debt Mediation Act - effect of agreement reached by mediation under the Act - co-existence of statutory right of early redemption with contractual right arising from implied term of such agreement LEGISLATION CITED : Conveyancing Act 1919, s.93 Farm Debt Mediation Act 1994, ss.3, 4, 8, 9, 10,11 Australian Cherry Exports Ltd v Commonwealth Bank of Australia (1996) 39 NSWLR 337 Bovill v Endle [1896] 1 Ch 648 Branwood Pastoral Co Pty Ltd v Willing & Sons Pty Ltd [1976] 2 NSWLR 149 CASES CITED : Hyde Management Services Pty Ltd v FAI Insurances Ltd (1979) 144 CLR 541 Narni v National Australia Bank Ltd [2001] VSCA 31 Steindlberger v Mistroni (1992) 29 NSWLR 351 Stocks & Enterprises Pty Ltd v McBurney (1977) 1 BPR 9521 Van Kempen v Finance & Investments Pty Ltd (1984) 6 NSWLR 293 PARTIES : Myross (NSW) Pty Limited - Plaintiff Kahlefeldt Securities Pty Limited - Defendant FILE NUMBER(S) : SC 1435/03 COUNSEL : Mr J T Johnson - Plaintiff Mr M R J Ellicott - Defendant SOLICITORS : Doyle Wilson - Plaintiff Friedlieb Byrne Solicitors - Defendant