HP Mercantile Pty Ltd v Hartnett

[2016] NSWCA 342

NSW Court of Appeal

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Interrogate

Catchwords

1. Contract
2. › Construction and interpretation
3. › Suite of related contracts
4. › Agricultural investment scheme
5. › Limited recourse provision
6. › Whether 'income from interest in the Project' referred to gross proceeds or net distributable income
7. › Whether income 'made available in its entirety' by entering into suite of agreements
1. Practice and Procedure
2. › Separate questions
3. › Facts agreed for purpose of separate question
4. › Where defendants reserved right to contend for different facts if question resolved unfavourably
5. › Whether appropriate to answer questions

Quick Take

Practitioners drafting or construing limited recourse provisions in investment schemes should ensure that the concept of 'income' is consistently defined across related clauses and that the condition for non-recourse protection is within the control of the party seeking to rely on it.