A mortgagee sued the mortgagor for money owing under a mortgage after the sale by the mortgagee of the security. The mortgagors alleged that the sale was at a gross undervalue and sought to set-off their claim against the debt owed to the mortgagee. On an application by the mortgagee for summary judgment, Dunn J. in the Queensland Supreme Court gave the mortgagors conditional leave to defend; if there was a sale at the alleged undervalue of $l0,200, the mortgagee’s claim should be reduced by that sum.
Citations:
[1975] Qd R 352
Jurisdiction:
Australia
Cited by:
Cited – Platts v Trustees Savings Bank Plc CA 13-Feb-1998
A counterclaim for negligent sale was a valid claim allowing potential against repossessing bank but would not make bank’s claim unliquidated. The Judge could properly hold that there was a liquidated and unsecured debt the subject of the statutory . .
Lists of cited by and citing cases may be incomplete.
Equity, Banking
Updated: 30 November 2022; Ref: scu.184793
