The Court held that an enforceable loan agreement existed between CP and the Angelis Family, supported by the objective conduct of the parties including documentary evidence, post-contractual conduct, and the circumstances of the Supreme Court proceedings, notwithstanding the absence of agreed interest rate or loan term. The agreement was characterised as falling within the fourth Masters v Cameron class — the parties were immediately bound by essential terms while expecting to negotiate additional terms in substitution. The applicant failed to discharge the onus under s 182(4) PPSA of proving that no security interest existed, and the PPSR registration was upheld.
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