PACIFIC PREMIUM FUNDING v SIERRA HOLDINGS [2004] NSWSC 713

New South Wales Supreme Court

CITATION : PACIFIC PREMIUM FUNDING v SIERRA HOLDINGS [2004] NSWSC 713 HEARING DATE(S) : 23 July 2004 JUDGMENT DATE : 13 August 2004 JURISDICTION: EQUITY JUDGMENT OF : McDougall J DECISION : See para [99] of judgment

CATCHWORDS : CONTRACT - where plaintiff financed payment of insurance premium - where default is repayment - where deed of "settlement" negotiated - where defendant agreed to pay settlement sum - where defendant agreed to execute mortgage in favour of plaintiff - where plaintiff seeks specific performance of settlement agreement - where settlement agreement binding and enforceable - formation of contract - intention to be bound - whether settlement agreement binding only as a deed - subjective understanding of the parties - whether settlement agreement binding as a deed - whether documents "delivered" - whether intention of parties that documents binding upon execution and not only on formal exchange - whether plaintiff's threatened commencement of winding-up proceedings without further notice a repudiation of settlement agreement - whether deed of settlement not enforceable as mortgage where deed of settlement unstamped - Duties Act 1997 Corporations Act 2001 LEGISLATION CITED : Duties Act 1997 Conveyancing Act 1919 Eccles v Bryant and Pollock [1948] Ch 93 Allen v Carbone (1975) 132 CLR 528 Australian Broadcasting Corporation v XIVth Commonwealth Games Ltd (1998) 18 NSWLR 540 Masters v Cameron (1954) 91 CLR 353 Baulkham Hills Private Hospital Pty Ltd v GR Securities Pty Ltd & Ors (1986) 40 NSWLR 622, 628 Sinclair, Scott & Co v Naughton (1929) 43 CLR 310, 317 CASES CITED : GR Securities Pty Ltd v Baulkham Hills Private Hospital Pty Ltd (1986) 40 NSWLR 631, 634 Film Bars Pty Ltd v Pacific Film Laboratories Pty Ltd (1979) 1 BPR 9251 The Council of the Upper Hunter County District v Australian Chilling and Freezing Co Limited (1968) 118 CLR 429, 437 Hillas & Co Ltd v Arcos Ltd (1932) 147 LT 503, (1932) All ER 494 Manton v Parobolic Pty Ltd (1985) 2 NSWLR 361 Hooker Industrial Developments Pty Ltd v Trustees of the Christian Brothers [1977] 2 NSWLR 109, 118-119 Xenos v Wickham (1867) LR 2 HL 296 Neoform Developments & Interiors Pty Ltd v Town and Country Marketing Pty Ltd (2002) 49 ATR 625 PARTIES : PACIFIC PREMIUM FUNDING PTY LIMITED- (Plaintiff) SIERRA HOLDINGS PTY LIMITED - (Defendant) FILE NUMBER(S) : SC 3009/04 COUNSEL : N Cotman SC (Plaintiff) B Coles QC with J Johnson (Defendant) SOLICITORS : Conway Maccallum (Plaintiff) Kemp Strang (Defendant)