Equititrust Ltd & Anor v Franks [2009] NSWCA 128

New South Wales Court of Appeal

CITATION: Equititrust Ltd & Anor v Franks [2009] NSWCA 128

HEARING DATE(S): 23 March 2009

JUDGMENT DATE: 24 July 2009

JUDGMENT OF: Ipp JA at 1; Macfarlan JA at 2; Handley AJA at 68

DECISION: See paragraphs [66] to [67] of the judgment

CATCHWORDS: ESTOPPEL - promissory estoppel - representations by financier that would not charge interest at default rate - extent of detrimental reliance on representations by borrower - SET-OFF - set-off at law under s 21 Civil Procedure Act 2005 - no set-off where debt sought to be set-off was owed to joint but not joint and several creditor

Civil Procedure Act 2005 Conveyancing Act 1919 LEGISLATION CITED: Corporations Act 2001 (Cth) Managed Investments Act 1998 (Cth) Property Law Act 1974 (Qld) Real Property Act 1900

CATEGORY: Principal judgment

Bowyer v Pawson (1880-1) 6 QBD 540 Commonwealth v Verwayen [1990] HCA 39; (1990) 170 CLR 394 Coulton v Holcombe [1986] HCA 33; (1986) 162 CLR 1 CGU Insurance Limited v AMP Financial Planning Pty Ltd [2007] HCA 36; (2007) 235 CLR 1 Foran v Wright [1989] HCA 51; (1989) 168 CLR 385 Goodwin v Duggan (1996) 41 NSWLR 158 CASES CITED: Hircock v Windsor Homes (Development No 3) Pty Ltd [1979] 1 NSWLR 501 In Re Usines De Melle's Patent [1954] HCA 32; (1954) 91 CLR Legione v Hateley [1983] HCA 11; (1983) 152 CLR 406 Lord v Direct Acceptance Corporation (1993) 32 NSWLR 362 Roberts v Wayne Roberts Concrete Constructions Pty Ltd [2004] NSWSC 734; (2004) 208 ALR 532 Steeds v Steeds (1889) 22 QBD 537 Suttor v Gundowda Pty Ltd [1950] HCA 35; (1950) 81 CLR 418 Waltons Stores (Interstate) Ltd v Maher [1988] HCA 7; (1988) 164 CLR 387