RHG Mortgage Securities v BNY Trust Company [2009] NSWSC 1432

New South Wales Supreme Court

CITATION : RHG Mortgage Securities v BNY Trust Company [2009] NSWSC 1432

HEARING DATE(S) : 30/11/09, 01/12/09, 03/12/09

JUDGMENT DATE : 17 December 2009

JURISDICTION : Equity Division Commercial List

JUDGMENT OF : McDougall J at 1

DECISION : See paragraphs [180] to [181] of the judgment.

CATCHWORDS : EQUITY – relief against forfeiture – whether acceleration of obligation to pay principal amounts to forfeiture – whether appointment of receiver amounts to forfeiture – whether plaintiff entitled to relief. - CONTRACTS – breach – whether amortisation event occurred – whether an 'Event of Default' occurred – whether defendant actually aware of Event of Default – construction and interpretation – words and phrases – arrears – in arrears

CATEGORY : Principal judgment

Acron Pacific Limited v Offshore Oil NL (1985) 157 CLR 514 Commercial Union Assurance Company of Australia Limited v Ferrcom Pty Limited (1991) 22 NSWLR 389 Devaynes v Noble (1816) 1 Mer 572, (1816) 35 ER 781 Esanda Finance Corporation Limited v Plessnig (1989) 166 CLR 131 Forestry Commission of NSW v Stefanetto (1976) 133 CLR 507 Farah Constructions Pty Limited v Say-dee Pty Limited (2007) 230 CLR 89 G & AC Kreglinger v New Patagonia Meat and Cold Storage Limited [1914] AC 25 Jones v Dunkel (1959) 101 CLR 298 CASES CITED : King v Goussetis (1986) 5 NSWLR 89 Kostopoulos v GE Commercial Finance Australia Pty Ltd [2005] QCA 311 Nguyen v Cosmopolitan Homes (NSW) Pty Limited [2008] NSWCA 246 O'Dea v Allstates Leasing System (WA) Pty Limited (1983) 152 CLR 359 On Demand plc v Gerson plc [2001] 1 WLR 155 Scandinavian Trading Tanker Co AB v Flota Petrolera Ecuatoriana (the Scaptrade) [1983] 2 AC 694 Shiloh Spinners Ltd v Harding [1973] AC 691 Tanwar Enterprises Pty Limited v Cauchi (2003) 217 CLR 315 The Protector Loan Co v Grice (1880) 5 QBD 592