State of New South Wales v NatWest Markets Australia No 2 Pty Limited & ors [2006] NSWSC 751

New South Wales Supreme Court

CITATION : State of New South Wales v NatWest Markets Australia No 2 Pty Limited & ors [2006] NSWSC 751

HEARING DATE(S) : 14, 15, 16, 17, and 20 March, 12 May and 20 July 2006

JUDGMENT DATE : 28 July 2006

JURISDICTION : Equity Division

JUDGMENT OF : Windeyer J at 1

DECISION : Judgment for the defendants on the claim of the plaintiff.

CATCHWORDS : CONTRACTS - construction and interpretation of contracts - whether particular provisions of contract gave rise to entitlement to payment of a profit or gain - no entitlement to benefit arises. - LIMITATION OF ACTIONS - contracts - when cause of action arises - period passed - whether dicta of Deane J in in Hawkins v Clayton extends to a breach of contract - no obligation to inform contracting party of breach - Hawkins v Clayton distinguished - claimed barred by Limitation Act

LEGISLATION CITED : Limitation Act 1969, s14, s23

Cheney v Duncan [2001] NSWCA 197; Downey v Bruce (unreported Supreme Court of South Australia 17 December 1992); Gorton v Commonwealth of Australia [1992] 2 Qd R 603 at 607; Grundy v Lewis (1995) 62 FCR 567 at 576; CASES CITED : Hawkins v Clayton (1987) 164 CLR 539 Pace v Westpac Banking Corporation [2001] QSC 415 at paragraph [46]; GMU Australia Pty Limited v Davidson [2003] NSWSC 311 at 197. Pittaway v W H Tutt & Quinlan [2003] QCA 365; Sampson v Zucker (NSWCA 11 December 1990, BC9606395); Walmsley v Cosentino [2001] NSWCA 403 McCann v Switzerland Insurance Australia Limited (2000) 203 CLR 579

State of New South Wales (Plaintiff) PARTIES : NatWest Markets Australia No 2 Pty Limited (First Defendant) State Bank of New South Wales Limited (Second Defendant) Rawson Place Pty Limited (Third Defendant)