Sayde Developments Pty Limited v Arab Bank Australia Limited [2016] NSWDC 76

District Court New South Wales

Medium Neutral Citation: Sayde Developments Pty Limited v Arab Bank Australia Limited [2016] NSWDC 76 Hearing dates: 16 - 21 March 2016 Date of orders: 14 April 2016 Decision date: 13 May 2016 Jurisdiction: Civil Before: Mahony SC DCJ Decision: Verdict and judgment for the plaintiff. For orders see [148] Catchwords: Banking; whether default interest payable under commercial facility constitutes a penalty Cases Cited: Andrews v Australia and New Zealand Banking Group Ltd (2012) 247 CLR 205 Bay Bon Investments Pty Ltd v Selvarajah [2008] NSWSC 1251 Beil v Pacific View (Qld) Pty Ltd [2006] 2 QdR 499 David Securities Pty Ltd v Commonwealth Bank of Australia (1990) 23 FCR 1 Dunlop Pneumatic Tyre Co Ltd v New Garage & Motor Co Ltd [1915] AC 79 Fermiscan Pty Ltd v James (2009) 261 ALR 408 GE Mortgage Solutions Ltd v Whild (2013) VSC 503 JJ Savage & Sons Pty Ltd v Blakney (1970) 119 CLR 435 Jones v Dunkel (1959) 101 CLR 298 Neale v Commonwealth Bank of Australia (t/as Bank of Western Australia Ltd) [2014] NSWSC 315 O'Dea v Allstates Leasing System (WA) Pty Ltd (1983) 152 CLR 359 Paciocco v ANZ Banking Group Ltd [2015] FCAFC 50 Ringrow Pty Ltd v BP Australia Pty Ltd (2005) 224 CLR 656 Texts Cited: E.L.G. Tyler, Fisher & Lightwood's Law of Mortgages, 2nd ed, 2005, LexisNexis Butterworths) Category: Principal judgment Parties: Sayde Developments Pty Limited (Plaintiff) Arab Bank Australia Limited (Defendant) Representation: Counsel: D R Pritchard SC with A J MacCauley (Plaintiff) T D Castle with J White (Defendant)