FEDERAL COURT OF AUSTRALIA

National Australia Bank Ltd v State of New South Wales [2009] FCA 1066

ADDENDUM

NATIONAL AUSTRALIA BANK LIMITED v STATE OF NEW SOUTH WALES

NSD 365 of 2009

RARES J

21 SEPTEMBER 2009 (addendum dated 25 SEPTEMBER 2009)

SYDNEY

THE COURT ORDERS THAT:

1.         The estate in fee simple in the land in Folio Identifier 48/SP64485 the subject of the disclaimer of onerous property executed on 29 October 2008, by or on behalf of Jason Bettles (“the trustee”) as trustee of the bankrupt estates of Audrey June Luedi and Marcus Luedi (“the bankrupts”) vest pursuant to s 133(9) of the Bankruptcy Act 1966 (Cth) in the applicant, National Australia Bank Limited, subject to the following conditions:

            (a)        the applicant hold and deal with the estate as registered proprietor of the estate in fee simple;

            (b)        for the purpose of any dealings with the land the applicant may, (but is not bound) to act as if it were exercising its powers as mortgagee in possession, with the right to sell the estate in fee simple of the land in exercise of its power of sale and all its other rights under registered mortgage AB257054;

            (c)        the applicant be entitled to calculate the amount secured by registered mortgage AB257054 on and after 29 October 2008 as including all moneys that would have been secured by that mortgage had the disclaimer not occurred and to deduct and retain for its own absolute use and property such amount from any proceeds of sale of the estate in fee simple as if it were money secured by the mortgage;

            (d)        the applicant after any sale of the estate in fee simple in the land provide an account of its payments and receipts to:

                        (1)        the trustee;

                        (2)        the bankrupts;

                        (3)        the respondent, the State of New South Wales;

                        (4)        the Registrar of the Court

                        and pay to the trustee any surplus in accordance with s 58(3) of the Real Property Act 1900 (NSW) as if it had exercised a power of sale in accordance with registered mortgage AB257054.

Note:    Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
The text of entered orders can be located using eSearch on the Court’s website.

ADDENDUM

1                          The orders attached to this Addendum were made on 25 September 2009 to give effect to the reasons for judgment delivered on 21 September 2009.

Associate:

Dated:         25 September 2009