Equititrust v SLJM [2010] NSWSC 1059

New South Wales Supreme Court

CITATION : Equititrust v SLJM [2010] NSWSC 1059

HEARING DATE(S) : 2-3 September 2010

JUDGMENT DATE : 22 September 2010

JUDGMENT OF : Gzell J

DECISION : Consumer Credit Code not applicable. Interest not a penalty. Judgment for possession and leave to issue writ of possession. Orders for sale of mortgaged properties to be conducted by the lender. Judgment for outstanding amount including interest up to judgment.

CATCHWORDS : CONSUMER CREDIT - Credit Protection - loan facility to trustee company - whether sham or pretence and individuals the real debtors - whether Consumer Credit Code, s 6(1)(a) satisfied - whether interest rate included a penalty - whether should be set aside - second mortgage finance - whether an order for possession and leave to issue a writ for possession should be made - whether the lender should conduct sale of mortgaged properties

LEGISLATION CITED : Consumer Credit Code Consumer Credit Act 1974 (UK)

Jones v Dunkel (1959) 101 CLR 298 Snook v London and West Riding Investments Ltd [1967] 2 QB 786 Hadjiloucas v Crean [1988] 1 WLR 1006 Sharrment Pty Ltd v Official Trustee in Bankruptcy (1988) 18 FCR 449 Equuscorp Pty Ltd v Glengallan Investments Pty Ltd [2004] HCA 55; (2004) 218 CLR 471 Palgo Holdings Pty Ltd v Gowans [2005] HCA 28; (2005) 221 CLR 249 CASES CITED : Raftland Pty Ltd v Commissioner of Taxation [2008] HCA 21; (2008) 238 CLR 516 Street v Mountford [1985] AC 809 AG Security v Vaughan [1990] 1 AC 417 Burdis v Livsey [2003] QB 36 Wallingford v Mutual Society (1880) 5 App Cas 685 Ringrow Pty Ltd v BP Australia Pty Ltd [2005] HCA 71; (2005) 224 CLR 656 AMEV–UDC Finance Ltd v Austin (1986) 162 CLR 170 King Investment Solutions v Hussein [2005] NSWSC 1076