Question
1.Gareth Evans owns a waterfront home. He has been struggling to pay his ex-wife Sally child support, as well as his children's school fees, in
1.Gareth Evans owns a waterfront home. He has been struggling to pay his ex-wife Sally child support, as well as his children's school fees, in accordance with a Family Court order. Gareth says to Sally, "I am sorry, I know I owe you money, as well as the kids' schools. Can we treat it as a loan, and I will pay you out of the money that I get when I sell my house later this year." Sally agrees, and directs the children's schools to send her, not Gareth, the bill for fees in the future. Sally pays the children's school fees for the next year and manages without her entitlement to child support. Then she hears from a mutual friend that Gareth is selling the house and moving to Hong Kong. She drives past the home, but there is no For Sale sign. Sally becomes suspicious that Gareth plans to sell, and leave the jurisdiction without repaying her. She consults her lawyer, Melody, and explains the situation. She asks Melody to lodge a caveat, which she does. Gareth now claims that as a result of the caveat he could not finish a contract of sale that he signed for $1.5 million and has been forced to accept a lesser offer of $1.2million. Advise Sally and Melody.
2. In 2010, Blair contracted to buy an apartment on Macquarie St in the CBD. She borrowed $700,000 of the $950,000 purchase price from Bridge Finance. After settlement, Bridge Finance put the signed transfer from the vendor, a signed mortgage from Blair and the certificate of title in their 'settlements' filing cabinet. It was their practice at the time to register mortgages in batches, every six months. They did not lodge a caveat.
In 2012, Blair wanted to borrow more money to renovate the kitchen, but she knew that Bridge would not allow her to increase her mortgage debt. She approached Radical Loans, because their director, Dan, was best friends with Blair's boyfriend, Chuck. Radical lent Blair $200,000, executing a contract of mortgage. Radical did not lodge a caveat.
Six months later, Blair borrowed a further $100,000 from Chuck. Blair told Chuck that it was just a short-term loan until her allowance came through from her father. Blair wrote on the back of an envelope, "If I don't pay you back the $100,000, Chuck darling, you can have my Macquarie St apartment. It's worth a million. Blair. XOXO" Ever the cautious businessman, Chuck filed the envelope carefully with his other finance documents.
Blair has now defaulted on all of her loans. The CBD apartment market has taken a sharp downturn and Bridge, by now the registered mortgagee, sells Blair's apartment for $800,000. How should the proceeds of sale be paid out?
As this is the end of the Torrens chapter, which includes a lot of complex information, please look back over your notes and ask your tutor in class to clarify anything you have not understood.
Please can you answer these questions with nsw case law and legislation nsw. this topic is property law specifically torrens system. Please dont write the answer like I don't what legislation applies tell me the specifics of what section of the act applies; which case applies, dont write it like I dont know the topic; dont explain to me the concept, I already know the concepts i just need the specifics. Please go straight to the point when answering. Theres no trick just need an answer. Please if you can help me out that would be good.
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