NSW Caselaw
New South Wales Court of Appeal
CITATION: Morgan and Others v BNP Paribas Equities (Australia) Limited and Another [2006] NSWCA 197
HEARING DATE(S): 9 May 2006, 10 May 2006
JUDGMENT DATE: 24 July 2006
JUDGMENT OF: Giles JA at 1; Santow JA at 2; McColl JA at 87
DECISION: Appeal allowed with costs. Cross-claim dismissed with costs. (Orders at [86]).
CATCHWORDS: BANKING – Contract - Whether bank entitled to terminate and close out lending and options trading facilities of share and options trading client due to a claimed failure to meet margin call - requirements to validly effect a margin call in terms of the relevant documentation – construction of contract to avoid manifestly unreasonable result and to take account of effect of related agreements.
CASES CITED: Hide & Skin Trading Pty Limited v Oceanic Meat Traders Limited (1990) 20 NSWLR 310
Robert John MORGAN (First Appellant) Dene Lurline MORGAN (Second Appellant) PARTIES: SYDNEY CONCRETE & CONTRACTING PTY LIMITED (ACN 054 377 409) (Third Appellant) BNP PARIBAS EQUITIES (AUSTRALIA) LIMITED (ACN 002 580 832) (First Respondent) BNP PARIBAS EQUITIES PRIVATE (AUSTRALIA) LIMITED (ACN 003 307 873) (Second Respondent)
FILE NUMBER(S): CA 40560/05
COUNSEL: R S ANGYAL, SC (Appellants) R G KAYE, SC/ M A C PAINTER (Respondents)
SOLICITORS: Young Attorneys (Appellants) Piper Alderman (Respondents)
LOWER COURT JURISDICTION: Supreme Court - Equity Division
LOWER COURT FILE NUMBER(S): SC 50185/01
LOWER COURT JUDICIAL OFFICER: Nicholas J
LOWER COURT DATE OF DECISION: 25 July 2004
LOWER COURT MEDIUM NEUTRAL CITATION: [2004] NSWSC 530
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