GE Commercial Corporation (Australia) Pty Ltd v Future Network (Albury) Pty Ltd [2013] NSWSC 1228

Supreme Court New South Wales

Medium Neutral Citation: GE Commercial Corporation (Australia) Pty Ltd v Future Network (Albury) Pty Ltd [2013] NSWSC 1228 Hearing dates: 29 August 2013 Decision date: 02 September 2013 Jurisdiction: Equity Division Before: Darke J Decision: I make the following orders: (1) Declare that the instruments of Secured Guarantee dated 17 November 2006, and executed by each of the first, third, fourth and fifth defendants in respect of the obligations of the second defendant, are valid and enforceable in accordance with their terms. (2) Declare that pursuant to the instruments of Secured Guarantee dated 17 November 2006, and executed by the first defendant in respect of the obligations of the second defendant, the first defendant is bound to grant legal mortgages to the plaintiff, in accordance with clause 7.1(a) of those instruments, over the following land: (a) The land situated at XX XX Road XXX NSW, and comprised in Folio Identifier XXXXXX; (b) The land situated at XX XX Road, XXX, NSW, and comprised in Folio Identifier XXXXXX; (c) The land situated at XX XX Drive, XXX, NSW, and comprised in Folio Identifier XXXXXX; (d) The land situated at XX XX Drive, XXXX, NSW, and comprised in Folio Identifiers XXXXXX and XXXXXX; (e) The land situated at XX Street, XXXX, NSW, and comprised in Folio Identifier XXXXXX; and (f) The land situated at XX XX Street, XXXX, NSW, and comprised in Folio Identifiers XXXXXX, XXXXXX and XXXXXX. (3) Order that the obligations of the first defendant to grant legal mortgages to the plaintiff as referred to in declaration (2) above be specifically performed and carried into effect. (4) Order that judgment be entered in favour of the plaintiff against each of the defendants in the sum of $346,854.50. (5) The parties have liberty to apply in respect of any issues arising out of declaration (2) and order (3) above. (6) Order that the defendants pay the plaintiff's costs of the proceedings, other than any costs which are included in the judgment amounts referred to in (4) above, on an indemnity basis. Catchwords: CONTRACTS - general contractual principles - formation of contractual relations - matters not giving rise to binding contract - vagueness and uncertainty - agreement contemplating execution of formal document to contain such additional terms as mortgagee "may require"