KYABRAM PROPERTY INVESTMENTS PTY. LIMITED & ANOR.v. MURRAY & ANOR.MURRAY & ANOR. v. KYABRAM PROPERTY INVESTMENTS PTY. LIMITED & ANOR. [2005] NSWCA 63

Reported Decision : (2005) NSW ConvR 56-123

New South Wales Court of Appeal

CITATION: KYABRAM PROPERTY INVESTMENTS PTY. LIMITED & ANOR.v. MURRAY & ANOR.MURRAY & ANOR. v. KYABRAM PROPERTY INVESTMENTS PTY. LIMITED & ANOR. [2005] NSWCA 63

HEARING DATE(S): 16/02/2005, 17/02/2005

JUDGMENT DATE: 17 February 2005

JUDGMENT OF: Beazley JA at 1,32; Hodgson JA at 30; Ipp JA at 31

DECISION: CA 40495/04 - Appeal allowed.; CA 40504/04 - Appeal dismissed.

CATCHWORDS: CONTRACTS - sale and purchase of land - mortgages - default on repayments by mortgagors - whether mortgagors were in a position of special disadvantage with respect to the lenders - unequal bargaining power - whether mortgage transaction unconscionable

LEGISLATION CITED: Contracts Review Act 1980 (NSW)

Commercial Bank of Australia Limited v Amadio (1983) 151 CLR 447 Elders Rural Finance Ltd. v Smith (1996) 41 NSWLR 296 Elkofairi v Permanent Trustee Co. Ltd. (2003) Aust Contract R 90-157; [2002] NSWCA 413 CASES CITED: James & Ors v Australian and New Zealand Banking Group Limited & Ors (1986) 64 ALR 347 Teachers Health Investments Pty. Ltd. V Wynne (1996) NSW Conv R 55-785 West v AGC (Advances) Ltd. (1986) 5 NSWLR 610

KYABRAM PROPERTY INVESTMENTS PTY. LIMITED and BANKSIA SECURITIES LIMITED (Appellants) WENDY JILL MURRAY and ROBERT ORMISON MURRAY (Respondents) PARTIES: WENDY JILL MURRAY and ROBERT ORMISON MURRAY (Appellants) KYABRAM PROPERTY INVESTMENTS PTY. LIMITED and BANKSIA SECURITIES LIMITED (Respondents)

FILE NUMBER(S): CA 40495/04; 40504/04

D. Conti SC/P. Bolster - (Kyabram and Banksia) COUNSEL: J.V. Agius SC/R.W. Evans (Mrs. and Mr. Murray)