Re AMP Bank Ltd [2013] NSWSC 265

Supreme Court New South Wales

Medium Neutral Citation: Re AMP Bank Ltd [2013] NSWSC 265 Hearing dates: 6 March 2013 Decision date: 22 March 2013 Jurisdiction: Equity Division Before: Rein J Decision: Order that the First Applicant is entitled to $198, 478.26, paid into court by AMP on 1 May 2012 pursuant to s 95 of the Trustees Act 1925 and any interest accrued thereon, in priority to the Second Applicant. Catchwords: EQUITY - Purchaser's lien - Stakeholder provisions in contracts for the sale of land - Rescission of contract for the sale of land - Competing prior equitable interest created by agreement with owner of land - Whether prior equitable interest should be postponed by reason of failure to lodge a caveat Legislation Cited: Bankruptcy Act 1966 (Cth) Civil Procedure Act 2005 (NSW) Trustees Act 1925 (NSW) Cases Cited: Chalik v Wales [2005] NSWSC 877 Combe v Swaythling [1947] Ch 625; [1947] 1 All ER 838 Hewett v Court (1983) 149 CLR 639, (1983) 46 ALR 87; (1983) 57 ALJR 211, (1983) 7 ACLR 909, (1983) 1 ACLC 768, [1983] HCA 7 Paul Michael Pty Ltd (subject to deed of company arrangement) v Urban Traders Pty Ltd [2010] NSWSC 1246 Person-to-Person Financial Services Pty Ltd v Sharari [1984] 1 NSWLR 745; [1983 - 84] ANZ ConvR 541; (1984) NSW ConvR 55-187 Westpac Banking Corporation v Ollis [2008] NSWSC 824 Whitbread & Co Ltd v Watt [1901] 1 Ch 911; 70 LJ Ch 515; 49 WR 534; 84 LT 419 Texts Cited: E.L.G Tyler, P.W. Young, W.R. Fisher and C. Croft, Fisher and Lightwood's Law of Mortgage, 2nd Aust ed, Lexis Nexis Butterworths 2005 Category: Principal judgment Parties: Mr Peter Hua (First Applicant) Mr Wen Qua Chen (Second Applicant) Representation: Counsel: Mr Fernon (First Applicant) Mr Lloyd (Second Applicant) Solicitors: Shanahans Butlers Solicitors (First Applicants) Puleo Lawyers Ptd Ltd (Second Applicant) File Number(s): 2012/138693