MORTGAGES AND SECURITIES – where trustee company legally owned land which was the subject of three registered mortgages – company defaulted and went into liquidation – application by liquidators for orders in relation to trust assets – cross claims in relation to the land by mortgagees – where first mortgagee refused to exercise power of sale under s 77 of the Transfer of Land Act 1958 (Vic) – where second mortgagee sought to exercise the power of sale – where first and third mortgagees contended that the second mortgagee could not exercise the power of sale by reason of the terms of a priority deed – whether first mortgagee could enforce the priority deed to prevent the sale of the land by the second mortgagee – whether first mortgagee had the benefit of the priority deed under a trust – validity of notice of default issued under s 76 of the Transfer of Land Act 1958 (Vic) by second mortgagee – whether first and third mortgagee entitled to discretionary relief – whether second mortgagee could validly exercise power of sale by discharging first mortgage debt from proceeds of sale – when first mortgagee’s entitlement to interest ends – whether utility in granting relief – where second mortgagee would have been entitled to relief had the first mortgagee not subsequently disposed of the land
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2023/2023fca0754
For more information, see the original judgement.
