St George Bank v Meredith; Ghabrial v Meredith [2017] NSWSC 961

Supreme Court New South Wales

Medium Neutral Citation: St George Bank v Meredith; Ghabrial v Meredith [2017] NSWSC 961 Hearing dates: 26 June 2017 Date of orders: 20 July 2017 Decision date: 20 July 2017 Jurisdiction: Equity Before: Parker J Decision: 2014/312804 Short minutes of order to provide for payment out of monies and judgments for interest.

2016/89086 Short minutes of order to provide for judgment in favour of plaintiff for principal and interest. Catchwords: Mortgages and Securities – sale of property by mortgagee – surplus paid into court – competing claims to surplus – priority – Real Property Act 1900 (NSW), s 58(3) – statutory and equitable obligations of mortgagee holding surplus to account Limitation of Actions – Real Property Act 1900 (NSW), s 58(3) – relevant date for accrual of claim – "then" entitled – exception to limitation defence – acknowledgment by payment – onus of proof Civil Procedure – competing claims to surplus paid into court – proceedings brought under Trustee Act 1925 (NSW), Pt 4 – availability of interpleader procedure Judgments and Orders – pre-judgment interest – interpleader – monies paid into court Costs – competing claims to surplus paid into court – successful claimant's entitlement to interest – payment of interest and costs out of surplus Legislation Cited: Civil Procedure Act 2005 (NSW), ss 100, 101 Conveyancing Act 1919 (NSW), s 171 Limitation Act 1969 (NSW), ss 42, 43, 54, 63 Real Property Act 1900 (NSW), ss 57(2)(b), 58(3) Trustee Act 1925 (NSW), ss 5, 95, 99 Uniform Civil Procedure Rules 2005 (NSW), r 36.7, Pt 41, 43 Cases Cited: Aman v Southern Railway Co [1926] 1 KB 59 Banque Commerciale SA v Akhil Holdings Ltd (1990) 169 CLR 279; [1990] HCA 11 Bofinger v Kingsway Group Ltd (2009) 239 CLR 269; [2009] HCA 44 Clay v Clay (2001) 202 CLR 410; [2001] HCA 9 De La Rue v Hernu, Peron & Stockwell Ltd [1936] 2 KB 164; 2 All ER 411 Federal Commissioner of Taxation v Linter Textiles Australia Ltd (2005) 220 CLR 592; [2005] HCA 20 Kyabram Property Investments Pty Ltd v Murray [2005] NSWCA 87 Residential Housing Corporation v Esber (2011) 80 NSWLR 69; [2011] NSWCA 25 Smith v Hamilton [1951] Ch 174; 2 All ER 928 Sze Tu v Lowe (2014) 89 NSWLR 317; [2014] NSWCA 462 Vines v Djordjevitch (1955) 91 CLR 512 Category: Principal judgment Parties: 2014/312804 St George Bank – A Division of Westpac Banking Corporation (Plaintiff) Lynette Marie Meredith (First Defendant) International Acceptance Pty Ltd (Second Defendant) Greg Eastlake as Executor of the late Peter La Fontaine (Third Defendant) Amgad and Melissa Ghabrial (Fourth Defendant)