Morgan & Banks Developments Pty Limited v Kenoss Pty Limited [2010] NSWSC 1476

New South Wales Supreme Court

CITATION : Morgan & Banks Developments Pty Limited v Kenoss Pty Limited [2010] NSWSC 1476

HEARING DATE(S) : 23-24 November, 8 December

JUDGMENT DATE : 15 December 2010

JURISDICTION : Equity Division

JUDGMENT OF : Rein J

1. Held that the first defendant is entitled to have the proceeds of sale of the six lots held in the O'Connor Harris account applied in the manner specified in cl 8 of the Development Agreement, with due allowance for GST repayable to the second defendant. DECISION : 2. Held that the remaining three lots are the property of the joint venture, and any proceeds of sale from those lots should be treated as funds of the joint venture. 3. Matter stood over for orders to be prepared based upon the conclusions contained in the reasons for judgment.

CATCHWORDS : CONTRACTS - construction and interpretation of contracts - interpretation of miscellaneous contracts and other matters - where joint venture agreement and development agreement between plaintiff and first defendant - whether plaintiff or first defendant entitled to three undeveloped lots and proceeds of sale of six lots after termination of development agreement - whether first defendant entitled to specific performance of alleged agreement giving it proceeds of sale of six lots

CATEGORY : Principal judgment

Codelfa Construction Pty Limited v State Rail Authority of New South Wales (1982) 149 CLR 337 CASES CITED : Franklins Pty Ltd v Metcash Trading Ltd (2009) 264 ALR 15 Optus Vision Pty Ltd v Australian Rugby Football League Ltd [2004] NSWCA 61

Morgan & Banks Developments Pty Limited (plaintiff) PARTIES : Kenoss Pty Limited (first defendant) Canberra Land Developments Pty Limited (second defendant)