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to the notice of persons likely to be interested and must take reasonably adequate steps to get a fair price.
National Commercial Banking Corp v Solanowski (1984) (NSW) Conv R ¶ 55-194
Solanowski granted a mortgage over land to the
Commercial Banking Corp of Sydney Ltd. Solanowski
subsequently defaulted. The bank obtained estimates
of the market value from two local real estate agents,
one of whom ultimately acted on the sale. The estimated market value was stated to be $14 000 to $15 000.
Some time later, the bank instructed one of the agents
to sell the property. The agent placed an advertisement in a local newspaper and the Sydney Morning
Herald, describing the property as unattractive, subject
to flooding and filthy. The agent received an offer for
$8000. Contracts were exchanged at that price.
Solanowski refused to vacate the property and sought
an injunction restraining completion of the contract.
Solanowski argued that the fair market value was not less
than $20 000 and that the bank had acted in conscious and wilful disr...
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This document was uploaded on 04/23/2012.
- Three '12