NSW Caselaw
New South Wales Supreme Court
CITATION : Bridgecorp Finance Limited v Judith Comer & 2 Ors [2005] NSWSC 225
HEARING DATE(S) : 18/03/05
JUDGMENT DATE : 18 March 2005
Equity Division JURISDICTION : Commercial List
JUDGMENT OF : Einstein J
DECISION : Subject to quantification summary judgment appropriate to be given in favour of plaintiff and cross-claim to be dismissed.
CATCHWORDS : EQUITY - subrogation - defendant guarantors - plaintiff creditor - plaintiff creditor takes additional security via a second mortgage - mortgagee owes equitable duty to act conscionably towards mortgagors - depreciation in value of mortgaged property - first mortgage exhausts proceeds from sale of property - position of second mortgagee requested to agree to a discharge of its mortgage during alleged market downturn - summary judgment to be ordered for plaintiff on General Steel principles
China and South Sea Bank Limited v Tan Soon Gin [1990] 1 AC 536 Dey v Victorian Railways Commissioners (1949) 78 CLR 62 General Steel Industries Inc. v Commissioner for Railways (NSW) (1964) 112 CLR 125 CASES CITED : Mailman v Challenge Bank Ltd (1991) 5 BPR 11,721 O'Day v Commercial Bank of Australia Ltd (1933) 50 CLR 200 Ultimate Property Group Pty Ltd v Lord (2004) 60 NSWLR 646
Bridgecorp Finance Limited (Plaintiff) Judith Adrienne Comer (First Defendant) PARTIES : Isaac Comer (Second Defendant) Herbert Flagmeier (Third Defendant)
FILE NUMBER(S) : SC 50135/04
Mr J White (Plaintiff) COUNSEL : Mr V Bedrossian (Defendants)
Kemp Strang (Plaintiff) SOLICITORS : Roderick B Harris & Co (Defendants)
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