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Banking and Finance Update
10 Nov 2009
Priority arrangements in mortgage enforcement actions – Ronald John Bofinger & Anor v Kingsway Group Limited Formerly Willis & Bowring Mortgage Investments Limited & Ors
By Bernadette Desmond and Paul Armstrong of Gadens Lawyers, Sydney
This recent unanimous decision of the High Court of Australia highlights the need for mortgagees to carefully consider the terms contained in their guarantees, as certain provisions can displace priority arrangements between mortgagees in any enforcement action, through rights of subrogation.
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