Establishing a payment default – minimum requirements for evidentiary certificates
Financiers take note. Proving a payment default may not be as straightforward as one would have you believe. The recent case of RHG Mortgage Corporation Ltd v Summerfield [2019] NSWCA 44 provides some helpful guidance on the minimum requirements for evidentiary certificates in establishing a payment default under a loan agreement. The facts The […]
ReadmoreCommunication and Transparency is Key
If you are a mortgagee, or acting for one, it is likely you will encounter a situation where the mortgagee is entitled to possession of, and to sell, a rented premises under a mortgage which was entered into before the tenancy agreement. If you find yourself in this scenario you must first issue a notice […]
ReadmoreGadens: PEXA leader among Australian law firms
The Gadens Brisbane Banking and Finance Group is a well-established team with significant experience in PEXA and the electronic conveyancing network. Gadens, with its already proven banking track record, has added a further string to their bow by becoming one of the leading transacting law practices on PEXA in Queensland with over 18,630 completed PEXA transactions, including over […]
ReadmoreIpso facto reforms: can I enforce my contractual rights?
Ipso facto clauses are contractual provisions that allow a party to terminate or modify the operation of a contract on the occurrence of a specified event. The Federal Government has introduced reforms which limit the rights of a party to enforce ipso facto clauses in certain insolvency scenarios. The reforms came into effect on 1 […]
ReadmoreThe new Consumer Data Right will start with “open banking” from July 2019
A new Consumer Data Right will take effect from July 2019, first in the banking sector then in the telecommunications and energy sectors. David Smith outlines the Consumer Data Right and all the pieces that need to come together in the coming months in order to implement this reform. Banking: the first industry subject to […]
ReadmoreTacking
At some point every secured lender will encounter a second lender attempting to provide additional secured financial accommodation to their borrower. It is therefore important for the first secured lender to understand the concept of tacking and the complexities of the body of law that governs tacking and how those rules apply in light of […]
ReadmoreA snapshot of the changes to the Residential Tenancies Act 1997
On 6 September 2018 the Residential Tenancies Amendment Bill 2018 was passed by Parliament and included more than 130 reforms which aim to increase protection for renters. The Residential Tenancies Amendment Act 2018 (RTAA) is due to come into effect progressively and completely, by 1 July 2020 and will amend the Residential Tenancies Act 1997 […]
ReadmorePersonal Property Securities Act – register or regret
State and local governments have large asset portfolios and enter hundreds – if not thousands – of property dealings every year. The Personal Property Securities Act 2009 Cth (the Act) has critical implications for common property transactions. Government property owners: need to be alert to the real risk of losing title to goods if appropriate […]
ReadmoreIpso Facto Reforms
On 1 July 2018, the Australian Government’s ipso facto reforms (the Reforms) came into effect.[1] Rather than prohibiting the inclusion of ipso facto clauses, the Reforms impose statutory limitations on the enforcement of certain rights found in contracts, agreements or arrangements. It is crucial that government and government agencies understand these Reforms and take them […]
ReadmoreFarm Debt Mediation Act 2018 (SA)
3 September 2018 marked the commencement of the Farm Debt Mediation Act 2018 (SA) (Act), to be administered by the South Australian Small Business Commissioner (Commissioner). The Act enshrines in law mandatory farm debt mediation, bringing South Australia into line with its eastern state counterparts – New South Wales, Victoria and Queensland. The object of […]
ReadmoreRights of a mortgagee dispossessed of land
If you are a mortgagee, or acting for one, you may encounter a situation where you have obtained judgment against a mortgagor for possession of land and, after executing a warrant of possession to gain vacant possession, the mortgagor and/or their associates have unlawfully re-entered the property. In a recent Supreme Court of Victoria case[1] […]
ReadmoreIn the matter of Assta Labels Pty Ltd: A “Warning Label” to ensure your PPSR registrations are correct
Registering your security interest on the Personal Property Securities Register (PPSR) correctly is a critical step in perfecting your security interest under the Personal Property Securities Act 2009 (Cth) (PPSA). A recent NSW Supreme Court case, In the matter of Assta Labels Pty Ltd [2018] NSWSC 1094 (Assta Labels) provides a good practical example of […]
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