NSW Caselaw
Supreme Court New South Wales
Medium Neutral Citation: Trad Financial Services Pty Ltd & Anor v Trad & Anor [2013] NSWSC 1691 Hearing dates: 22-24 October 2013 Decision date: 18 November 2013 Jurisdiction: Equity Division Before: White J Decision: Refer to para [102] of judgment Catchwords: CONTRACTS - decision on facts as to whether payments were a loan to defendant - when contract contains term requiring interest to be paid but no rate of interest specified - reasonable rate of interest - when parties in arrangement analogous to partnership - interest rate specified by s 24(1)(3) of the Partnership Act 1892
EQUITY - loan of money to purchase vehicle to be resold with proceeds to be used to repay loan with interest and any balance to be split between lender and borrower - whether arrangement impresses a trust on proceeds from dealing with vehicle - principles of remedial constructive trusts - unconscionability - tracing Legislation Cited: Partnership Act 1892 (NSW) Civil Procedure Act 2005 (NSW) Cases Cited: Rosenhain v Commonwealth Bank of Australia (1922) 31 CLR 46 Victorian Producers Co-operative Company Limited v Edwards (1993) 62 SASR 415 Giorgi v European Asian Bank AG (No. 2) (Young J, Supreme Court of New South Wales, 21 April 1989, unreported; BC8902265) Gray v Gray [2004] NSWCA 408; (2004) 12 BPR 22,755 Henry v Hammond [1913] 2 KB 515 Walker v Corboy (1990) 19 NSWLR 382 Beatty v Guggenheim Exploration Co (1919) 225 NY 380 Hospital Products Limited v United States Surgical Corporation (1984) 156 CLR 41 Muschinski v Dodds (1985) 160 CLR 583 Tanwar Enterprises Pty Ltd v Cauchi [2003] HCA 57; (2003) 217 CLR 315 Category: Principal judgment Parties: Trad Financial Services Pty Limited (1st Plaintiff) Damian Trad (2nd Plaintiff) Carl Trad (1st Defendant) Koenigsegg Australia Pty Ltd (2nd Defendant) Pickles Auctions Pty Limited (3rd Defendant) Representation: Counsel: F Sinclair (Plaintiffs) J Cohen (Defendants) (1st day of hearing) In person (1st Defendant) (2nd & 3rd day of hearing) Solicitors: George Khoury & Co. Solicitors (Plaintiffs) Elliot Lawyers (Defendants) (1st day of hearing) File Number(s): 2011/208830
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