Pola v Australia and New Zealand Banking Group Limited [2015] NSWCA 146

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Pola v Australia and New Zealand Banking Group Limited [2015] NSWCA 146 Hearing dates: 3 March 2015 Date of orders: 27 May 2015 Decision date: 27 May 2015 Before: Bathurst CJ at [1]; Bergin CJ in Eq at [3]; Young AJA at [152] Decision: The Appeal is dismissed. The Cross-Appeal is dismissed. The appellants are to pay the Bank's costs of the Appeal. The Bank is to pay the appellants' costs of the Cross-Appeal. Catchwords: REAL PROPERTY – mortgagee's duty in exercising power of sale – whether mortgagee failed to discharge its duty under s 85(1) of the Property Law Act 1974 (Qld) – whether failure to refer to valuable water allocation relating to the Property in advertisements for sale was a breach of duty

APPEAL – whether primary judge correctly assessed market value of the Property – whether primary judge correctly reduced judgment for the mortgagee by amount awarded on cross-claim of mortgagors – whether primary judge correctly exercised discretion as to costs Legislation Cited: Civil Procedure Act 2005 (NSW) Corporations Act 2001 (Cth) Property Law Act 1974 (Qld) Water Act 2000 (Qld) Cases Cited: ACES Sogutlu Holdings Pty Ltd v Commonwealth Bank of Australia [2014] NSWCA 402 Commercial and General Acceptance Limited v Nixon (1981) 152 CLR 491 Emerson v Custom Credit Corporation Ltd (1991) Q ConvR ¶54-414 Emerson v Custom Credit Corporation Ltd [1994] 1 Qd R 516 Florgale Uniforms Pty Ltd v Orders (2004) 11 VR 54 Glodale Pty Ltd v Investec Bank (Australia) Ltd [2007] VSC 276 Higton Enterprises Pty Ltd v BFC Finance Limited [1997] 1 Qd R 168 Investec Bank (Australia) Ltd v Glodale Pty Ltd [2009] VSCA 97; 24 VR 617 Jovanovic v Commonwealth Bank of Australia (2004) 87 SASR 570 McKean v Maloney [1988] 1 Qd R 628 Munya Lake Pty Ltd v Chief Executive, Dept of Natural Resources and Water [2010] QSC 58 Omlaw Pty Ltd v Delahunty [1995] 2 Qd R 389 Pendlebury v Colonial Mutual Life Assurance Society Ltd [1912] HCA 9; 13 CLR 676 Sablebrook Pty Ltd v Credit Union Australia Ltd [2008] QSC 242 Spencer v Commonwealth of Australia (1907) 5 CLR 418 Ultimate Property Group Pty Ltd v Lord (2004) 60 NSWLR 646 Texts Cited: Rory Derham, The Law of Set-Off, (4th ed 2010, Oxford University Press) Category: Principal judgment Parties: Laurence James Pola/Silvia Frances Pola (Appellants/Cross-Respondents) Australia and New Zealand Banking Group Limited (Respondent/Cross-Appellant) Representation: Counsel: P Hargreaves (Solicitor) (Appellants/Cross- Respondents) CRC Newlinds SC/G Lucarelli (Respondent/Cross-Appellant)