First Mortgage Managed Investments Ltd v Basil James Pittman [2012] NSWSC 1332

Supreme Court New South Wales

Medium Neutral Citation: First Mortgage Managed Investments Ltd v Basil James Pittman [2012] NSWSC 1332 Hearing dates: 04/07/2011 - 08/07/2011 Decision date: 01 November 2012 Before: Garling J Decision: 1. I order that the parties confer with a view to reaching agreement as to the orders which ought be made to give effect to these reasons; 2. In the event that the parties are unable to agree, then each party is to file a set of short minutes of order for all of the orders sought, including any order as to costs, together with an outline of submissions in support of those proffered orders on or before 4pm, 22 November 2012; 3. Any submissions in response are to be filed and served by 4pm 29 November 2012; 4. Adjourn the proceedings for hearing on the short minutes to 9.30am 6 December 2012. Catchwords: REAL PROPERTY - defendants properties used as security for substantial loan - loan used by second cross-defendant - defendant's lacked education, life experience and commercial sophistication - inadequate independent legal advice - solicitor also acted for second cross-defendant - defendants pressured by second cross-defendant - plaintiff did not adhere to prudential lending guidelines - whether contract under Contracts Review Act 1980 or unconscionable - contract unjust - whether mortgage ought be set aside - consideration of benefit to defendants Legislation Cited: Contracts Review Act 1980 Trade Practices Act 1974 (Cth) Fair Trading Act 1987 Cases Cited: Antonovic v Volker (1986) 7 NSWLR 151 Baltic Shipping Co Limited v Dillon (1991) 22 NSWLR 1 Bank of Western Australia v Tannous [2010] NSWSC 1319 Beneficial Finance Corporation Ltd v Karavas (1991) 23 NSWLR 256 Commercial Bank of Australia Ltd v Amadio [1983] HCA 14; (1983) 151 CLR 447 Elkofairi v Permanent Trustee Co Ltd [2002] NSWCA 413 Esanda Finance Corporation Ltd v Tong (1997) 41 NSWLR 482 Fast Fix Loans Pty Ltd v Samardzic [2011] NSWSC 19 Kowalczuk v Accom Finance Pty Ltd [2008] NSWCA 343; (2008) 77 NSWLR 205 Nguyen v Taylor (1992) 22 NSWLR 48 Perpetual Trustee Co Ltd v Khoshaba [2006] NSWCA 41 Riz v Perpetual Trustee Australia Ltd [2007] NSWSC 1153 Spina v Permanent Custodians Ltd [2009] NSWCA 206 St George Bank Ltd v Trimarchi [2004] NSWCA 120 Vadasz v Pioneer Concrete (SA) Pty Ltd [1995] HCA 14; (1995) 184 CLR 102 West v AGC (Advances) Ltd (1986) 5 NSWLR 610 Texts Cited: --- Category: Principal judgment Parties: First Mortgage Managed Investments Ltd (P) Basil James Pittman (D1) Rex Neil Webster (D2) Margot Locke (2nd XD) Representation: Counsel: Mr M Young (P) Mr J Lazarus (D1 & D2) No appearance (2nd XD) Solicitors: Bransgrove Lawyers (P) Brock Partner Lawyers (D1 & D2) Self Represented (2nd XD) File Number(s): SC 2008/288217