Agricultural & Rural Finance Pty Ltd v Atkinson (No 2) [2014] NSWSC 1397

Supreme Court New South Wales

Medium Neutral Citation: Agricultural & Rural Finance Pty Ltd v Atkinson (No 2) [2014] NSWSC 1397 Hearing dates: 18 to 21 and 25 August 2014 Decision date: 14 October 2014 Before: Ball J Decision: See paragraphs 143 to 145 of this judgment Catchwords: CONTRACT - unjust contracts - proceedings on remitter from Wardle v Agricultural & Rural Finance [2012] NSWCA 107 - Contracts Review Act 1980 (NSW) - whether indemnity unjust in circumstances relating to agreements at time they were made - whether failure to disclose round robin funding arrangements unjust or misleading - whether loss of indemnity for late payment reasonably necessary for protection of plaintiff's interest - whether loss of indemnity grossly disproportionate to detriment suffered by plaintiff in accepting late payment ESTOPPEL - whether plaintiff estopped from asserting that indemnity not valid and enforceable - where defendant did not make payments on time purportedly in reliance on a representation made to defendant that strict compliance with time stipulations not essential to obtain benefit of indemnity - where representation made by person with no actual or ostensible authority to make representation on plaintiff's behalf - whether defendant acted to his detriment in reliance on representation Legislation Cited: Contracts Review Act 1980 (NSW), ss 7, 9, 16 Corporations Law, Pts 7.11, 7.12 Cases Cited: Agricultural & Rural Finance Pty Ltd v Atkinson [2006] NSWSC 202 Agricultural & Rural Finance Pty Ltd v Gardiner [2008] HCA 57; (2008) 238 CLR 570 Agricultural & Rural Finance Pty Ltd v Atkinson [2010] NSWSC 311 Agricultural & Rural Finance Pty Ltd v Atkinson [2010] NSWSC 425 Agricultural & Rural Finance Pty Ltd v Atkinson [2010] NSWSC 635 Agricultural & Rural Finance Pty Ltd v Atkinson [2014] NSWSC 948 Baltic Shipping Co v Dillon (1991) 22 NSWLR 1 Blacker v National Australia Bank Ltd [2000] NSWSC 805; (2000) 158 FLR 142 Conley v Commonwealth Bank of Australia [2000] NSWCA 101 Dunwoodie v Teachers Mutual Bank Ltd [2014] NSWCA 24 Elkofairi v Permanent Trustee Co Ltd [2002] NSWCA 413; (2002) 11 BPR 20,841 Equiticorp Finance Ltd (in liq) v Bank of New Zealand (1993) 32 NSWLR 50 Esanda Finance Corporation Ltd v Tong (1997) 41 NSWLR 482 Freeman & Lockyer v Buckhurst Park Properties (Mangal) Ltd [1964] 2 QB 480 Gardiner v Agricultural & Rural Finance Pty Ltd [2007] NSWCA 235 Hogan v Howard Finance Ltd [1987] ANZ ConvR 317; (1987) ASC 55-594 Kowalczuk v Accom Finance Pty Ltd [2008] NSWCA 343; (2008) 77 NSWLR 205 May v Brahmbhatt [2013] NSWCA 309 Perpetual Trustee Company Ltd v Khoshaba [2006] NSWCA 41; (2005) 14 BPR 26,639 Provident Capital Ltd v Papa [2013] NSWCA 36; (2013) 84 NSWLR 231 Riz v Perpetual Trustee Australia Ltd [2007] NSWSC 1153; (2008) NSW ConvR 56-198 Tonto Home Loans Australia Pty Ltd v Tavares [2011] NSWCA 389; (2011) 15 BPR 29,699 Wardle v Agricultural & Rural Finance Pty Ltd [2012] NSWCA 107 West v AGC (Advances) Ltd (1986) 5 NSWLR 610 Category: Principal judgment Parties: Agricultural & Rural Finance Pty Ltd (Plaintiff) Geoffrey Nevell Fredericksen (35th Defendant) Nicholas Charles Rowe (75th Defendant) Maria Francesca Russo (78th and 189th Defendant) David James Wardle (95th Defendant) Jennifer Dianne Wallace (124th Defendant) Franco Giannuzzi (149th Defendant) Gavin Winston Long (172nd Defendant) Representation: Counsel: CJ Bevan with Ms I Sethi (Plaintiff) S D Epstein SC with Ms A Tsekouras (35th, 75th, 78th, 95th, 124th, 149th, 172nd and 189th Defendants) T Marskell (Second Cross Defendant) Solicitors: Evangelos Patakas & Associates (Plaintiff) Abadee Dresdner & Freeman Pty Ltd (35th, 75th, 78th, 95th, 124th, 149th, 172nd and 189th Defendants) Condon & Associates (Second Cross Defendant) File Number(s): 2003/92819 Publication restriction: Nil