The Court granted monetary judgment and ordered judicial sale of properties subject to unregistered equitable mortgages where the borrowers defaulted on a $400,000 loan and failed to adduce any evidence supporting their defence of an alleged oral variation. The Court appointed the equitable mortgagee as its agent for sale, with detailed waterfall provisions for distribution of proceeds respecting the priority of registered first mortgagees (NAB, Westpac, ANZ). Where ANZ had already obtained possession orders over three of the seven properties, the Court declined to order judicial sale of those properties but instead ordered ANZ to pay surplus proceeds to the plaintiff equitable mortgagee after satisfying its own secured debts.
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