Some time later the bank instructed one of the agents

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Unformatted text preview: are brought 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.

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