Morris Finance Pty Ltd v Commonwealth Bank of Australia & Ors [2017] VSC 260

FUNDS IN COURT
Judgment type: 
Supreme Court of Victoria
Judge(s): 
Derham AsJ
Parties: 

Morris Finance Ltd (ACN 083 630 139) v Commonwealth Bank OF Australia (ACN 123 123 124); Uyanik, Erhan; Official trustee in bankruptcy as trustee of the bankrupt estate of Alameddine, Susan and Gogetta Equipment Funding P/L (ACN 124 102 647)

Judgment Date: 
18 May 2017
Catchwords: 

FUNDS IN COURT - Surplus proceeds from sale of land by mortgagee paid into Court - Application for payment out of Court - Plaintiff equitable chargee under lease agreement and guarantee and indemnity - Application opposed - Fourth defendant claiming competing equitable charge over land arising under equipment rental agreement - Whether plaintiff's charge and debt established - Plaintiff causing false issues to be raised - Plaintiff ultimately relying on judgment debt in lieu of proving sums due under lease agreement - Whether fourth defendant's charge and debt established - Whether plaintiff's charge is the better equity - Plaintiff entitled to funds in Court to the extent of judgment, interest pursuant to statute and legal costs, subject to deduction for wasted costs - Fourth defendant entitled to balance of the funds in Court.

Citation: 
[2017] VSC 260