Rabobank Australia Limited v Colly Cotton Marketing Pty Limited [2005] NSWSC 727

New South Wales Supreme Court

Rabobank Australia Limited v Colly Cotton Marketing Pty Limited [2005] NSWSC 727 CITATION : This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 4, 5, 6, 11, 12, 13, 18, 19 April 2005 w/s 6 May 2005

JUDGMENT DATE : 27 July 2005

JURISDICTION : Commercial List

JUDGMENT OF : Bergin J

DECISION : See paragraph 324

CATCHWORDS : [SECURITIES] - Whether Crop Lien granted to the Bank pursuant to the Liens on Crops and Wool and Stock Mortgages Act 1898 is 'preferential' or has priority over claim for losses on liquidation of foreign currency positions in relation to cotton crop - [CONTRACT] - Identity of contracting parties for forward sales of cotton and currency positions or contracts - identification of terms - nature of the various transactions - Whether breach of warranty - Whether cotton grower required to indemnify cotton merchant for amount it is required to pay the Bank under the Crop Lien - [TRADE PRACTICES] - Whether representations made - Whether reasonable grounds for making representation - Whether misleading or deceptive (s 51A - s 52) - [DUTY OF CARE] - Whether cotton merchant owed a duty of care to cotton grower - scope - whether duty breached - [CONTRACTS REVIEW] - Whether currency contracts should be declared void or varied in whole or in part - [DAMAGES] - whether cotton grower entitled to damages - measure of damages

Australian Securities Commission Act 1989 (Cth) Banking (Foreign Exchange) Regulations Contracts Review Act 1980 (NSW) Conveyancing Act 1919 (NSW) LEGISLATION CITED : Corporations Act 2001 (Cth) Liens on Crops and Wool and Stock Mortgages Act 1898 (NSW) Liens on Crops and Wool and Stock Mortgages (Amendment) Act 1992 (NSW) Trade Practices Act 1974 (Cth)