DONG v. MONKIRO PTY. LIMITED & ORS [2005] NSWSC 749

New South Wales Supreme Court

CITATION : DONG v. MONKIRO PTY. LIMITED & ORS [2005] NSWSC 749

HEARING DATE(S) : 4 and 5 May 2005

JUDGMENT DATE : 1 August 2005

JURISDICTION : Common Law

JUDGMENT OF : Hall J at 1

DECISION : The Loan Deed had a retrospective operation and applied to advances previously made to a corporation at the borrower's direction. The development project not having proceeded, the amount of $520,000 was not due and payable under clause 2(b). The plaintiff's claim is accordingly limited to $142,387 together with interest thereon.

CATCHWORDS : Loan Deed - finance for a development - additional payment - whether additional payment was a profit-share - development did not proceed - whether advances before teh Deed were referable to the Deed - retrospective nature of the Deed - estoppel by deed - ambiguity - parol evidence rule - penalty interest.

Masters v. Cameron (1954) 91 CLR 353 Gilsan (International) Limited v. Optus Network Pty. Limited (No. 2) [2005] NSWSC 38 Trollope & Colls Limited v. Atomic Power Constructions Limited (1962) 3 All ER 1035 City of Box Hill v. E W Tauschke Pty. Limited (1974) VR 39 Greer v. Kettle (1938) AC 156 Bowman v. Taylor (1834) 2 Ad & El 278 Con-Stan Industries of Australia Pty. Limited v. Norwich Winterthur Insurance (Australia) Limited (1985-86) 160 CLR 226 Codelfa Constructions Pty. Limited v. State Rail Authority of NSW (1982) 149 CLR 337 Royal Botanic Gardens & Domain Trust v. South Sydney City Council [2002] HCA 5 Trawl Industries of Australia Pty. Limited v. Effem Foods Pty. Limited (1992) 27 NSWLR 326 Manufacturers Mutual Insurance Limited v. Withers (1988) 5 ANZ IC 60-653 at 75,343 Australian Broadcasting Commission v. Australasian Performing Right Association Limited (1973) 129 CLR 99 Upper Hunter County District Council v. Australian Chilling & Freezing Co-op Limited (1968) 118 CLR 429 Horton Geoscience Consultants Pty. Limited v. Energy Minerals Pty. Limited [2005] QCA 169 De Cor Blinds Gold Coast Pty. Limited v. De Cor Blinds Australia Pty. Limited [2004] QSC 55 CASES CITED : Stadium Australia Management Limited v. Sodexho Venues (Australia) Pty. Limited [2002] NSWSC 437 Allstate Explorations v. L.V. Beaconsfield Gold NL [1999] NSWSC 832 State Lotteries Office v. Burgin (Kirby, P., unreported 23 April 1993) Burns Philp Hardware v. Howard Chia Pty. Limited (1987) 8 NSWLR 642 B & B Constructions (Australia) Pty. Limited v. Brian A. Cheeseman & Associates Pty. Limited (1994) 35 NSWLR 227 Davis Contractors Limited v. Fareham Urban District Council (1956) AC 696 Reardon Smith Line Limited v. Hansen Tangen (The Diana Prosperity) (1976) 1 WLR 989 DTR Nominees Pty. Limited v. Mona Homes Pty. Limited (1978) 138 CLR 423 DP Refinery (Westernport) Pty. Limited v. Hastings Shire Council (1977) 52 ALJR 20 Alcatel Australia Limited v. Scarcella (1998) 44 NSWLR 349 Hughes Aircraft Systems International v. Air Services Australia (1977) 76 FCR 151 Gary Rogers Motors (Australia) Pty. Limited v. Subaru (Australia) Pty. Limited (1999) ALPR 41-703 [37] Far Horizons Pty. Limited v. McDonalds Australia Limited [2000] VSC 310 Hospital Products Limited v. US Surgical Corporation (1984) 156 CLR 41 Australian Competition & Consumer Commission v. CG Berbatis Holdings Pty. Limited (2003) 214 CLR 51