Winau Aust Pty Ltd & Ors v LCC Property Development Pty Limited & Ors [2020] NSWSC 434

Supreme Court New South Wales

Medium Neutral Citation: Winau Aust Pty Ltd & Ors v LCC Property Development Pty Limited & Ors [2020] NSWSC 434 Hearing dates: 11 October, 28 November 2019; supplementary written submissions 4, 9, 10 December 2019. Decision date: 22 April 2020 Jurisdiction: Equity Before: Kunc J Decision: Separate question answered "No". Mortgages do not secure any advance to mortgagor or obligation of guarantor. Mortgagor entitled to proceeds of sale of mortgaged property. Catchwords: LAND LAW — Torrens title — Indefeasibility of title — Effects of indefeasibility — Funds advanced by mortgagee pursuant to registered mortgage procured by alleged fraudster purportedly on behalf of mortgagor company — Mortgaged property sold — Which of innocent mortgagee and innocent mortgagor entitled to proceeds Legislation Cited: Real Property Act 1900 (NSW) Corporations Act 2001 (Cth) Cases Cited: Bay Bon Investments Pty Ltd v Sultana [2015] NSWSC 1797 Consolidated Trust Co Ltd v Naylor (1936) 55 CLR 423 Edmund-Jones Pty Ltd v Australian Women's Hockey Association Inc (1999) NSWSC 1014 Electricity Generation Corporation v Woodside Energy Ltd (2004) 251 CLR 640 Mercantile Credits Ltd v Shell Co of Australia Ltd (1975-1976) 136 CLR 326 Perpetual Trustees Victoria Ltd v Cox [2014] NSWCA 328 Perpetual Trustees Victoria Limited v English & Anor [2010] NSWCA 32 Perpetual Trustees Victoria Limited & Anor v Tsai [2004] NSWSC 745 PT Ltd v Maradona Pty Ltd (1992) 25 NSWLR 643 Robinson v Midland Bank Limited (1925) 41 TLR 402 Sabah Yazgi v Permanent Custodians Ltd [2007] NSWCA 240 Solak v Bank of Western Australia [2009] VSC 82 Stoney Stanton Supplies (Coventry) Ltd v Midland Bank Limited [1966] 2 Lloyd Rep 373 Winau Aust Pty Ltd v LCC Property Development Pty Ltd [2019] NSWSC 499 Wood v Inglis [2008] NSWSC 1147; (2008) 68 ACSR 420 Texts Cited: Sir K Lewison, D Hughes "The Interpretation of Contracts in Australia", Law Book Co, 2012 Category: Principal judgment Parties: Winau Aust Pty Ltd (First Plaintiff) Shunjiyuan Investments Pty Ltd (Second Plaintiff) 183 Eastwood Pty Ltd ATF Eastwood Unit Trust (Third Plaintiff)