High Court of Australia

Pan Foods Company Importers & Distributors Pty Ltd v Australia and New Zealand Banking Group Limited [2000] HCA 20

74 ALJR 791; 170 ALR 579

13 Apr 2000

Case Number: M25/1999

Before

Gleeson CJ, McHugh, Kirby, Hayne, Callinan JJ

Catchwords

Mortgage – Construction of terms - Mortgage agreement provided that event of default occurred if bank formed opinion that circumstances had arisen which had material adverse effect on business, assets and financial condition of borrower and ability of borrower to perform its obligations to the bank - Formation of requisite opinion - Declaration that moneys owing were immediately due and payable - Notice demanding payment - Validity of notice.

Mortgage – Debenture - Default - Power in mortgage to appoint receiver after moneys became payable - Validity of appointment - Mortgage and loan agreements each specifying circumstances in which moneys became payable - No inconsistency between mortgage and loan agreements.

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