Phoenician Holdings Pty Ltd t/as Cadmus Lawyers v Rahme [2012] NSWSC 1604

Supreme Court New South Wales

Medium Neutral Citation: Phoenician Holdings Pty Ltd t/as Cadmus Lawyers v Rahme [2012] NSWSC 1604 Hearing dates: 20/12/2012 Decision date: 21 December 2012 Jurisdiction: Equity Division - Duty List Before: Rothman J Decision: (1) The plaintiff withdraw the Caveat on payment of the Specified Amounts by settlement cheques (as defined in these orders) to be held in trust jointly by the solicitor for the plaintiff (as defined in these orders) and the solicitor for the defendants. (2) The amount of $1.7 M so paid to the solicitor for the plaintiff as defined in these orders and the solicitor for the defendants be paid by those solicitors into a controlled money account. (3) The amount so paid into a controlled money account and any interest on that amount not be paid out of that account other than with the consent of the parties or by further order of the Court. (4) It shall be sufficient compliance with the requirement in order 1 that the payment be in cleared funds that the payment be by settlement cheque as defined in order 8. (5) It shall be sufficient compliance with the requirement in order 1 that the plaintiff withdraw the Caveat that the plaintiff provide the defendants with a withdrawal of Caveat in exchange for cheques for the Specified Amounts. (6) On the defendants giving the plaintiff no less than 48 hours' notice (excluding Saturday, Sunday and any public holiday) of the proposed place and time for completion of the Contract, the plaintiff or the solicitor for the plaintiff shall attend at that time and place for the purpose of exchange of the Caveat for the Payment. (7) The Court notes the plaintiff's undertaking to pay damages to the defendants in the event that the plaintiff has been notified under order 6 of the proposed completion of the contract and the contract is not completed by reason of the failure of the plaintiff to provide a withdrawal of Caveat at completion. (8) In these orders these terms (in any form) mean: Bank A bank as defined in the Banking Act 1959 (Cth), the Reserve Bank or a State bank The Caveat Caveat number AH9831 affecting the Property Cheque A cheque that is not postdated or stale The Contract The contract for the sale of the Property dated 27 October 2012 between the defendants as vendors and Sharon Tia Cooper as purchaser The Payment The payment to the solicitor for the plaintiff and the solicitors referred to in order 1 The Property The property Folio Identifier 1/78239 known as 1 William Street Double Bay Settlement Cheques Unendorsed cheques made payable to the person to be paid and drawn on its own funds by: - A bank; or - A building society, credit union or other FCA Institution as defined in Cheques Act 1986 (Cth) That carries on business in Australia Solicitor for the plaintiff A solicitor other than Georges Elias or the plaintiff itself, such solicitor to have been appointed, for the sole purpose of acting on behalf of the plaintiff in performing any functions under these orders, and to have confirmed acceptance of that appointment by notice in writing to the defendants no later than 16 January 2013 The Specified Amounts $1.7 M, plus the amounts prescribed in order 9 Withdrawal of Caveat A validly executed withdrawal of Caveat in the approved form for lodgement with the Registrar General