Pico Holdings Inc v Wave Vistas Pty Ltd

HIGH COURT OF AUSTRALIAGLEESON CJ,McHUGH, GUMMOW, HAYNE AND HEYDON JJPICO HOLDINGS, INC  APPELLANTANDWAVE VISTAS PTY LTD (FORMERLY TURF CLUB AUSTRALIA PTY LTD) & ANOR   RESPONDENTSPico Holdings, Inc v Wave Vistas Pty Ltd [2005] HCA 135 April 2005B60/2004ORDER1.        Appeal allowed with costs.  2.Set aside the orders of the Court of Appeal of Queensland made on 23 May 2003 and in their place order: (a)      the appeal to that Court is allowed;(b)set aside the orders of Helman J made on 26 March 2002 and in their place declare that the appellant has an interest in the fund comprising the proceeds of sale of Lot 2 in Registered Plan No 817782 in the County of Ward, Parish of Nerang being all the land contained in title reference 1866 0224 ("the Property") corresponding with the equitable mortgage in its favour created by the contract between the appellant, the first respondent and Dominion Capital Pty Ltd arising from the oral promises of 25 April 2001, the letter of 4 May 2001 and Addendum No 2 to the Promissory Note dated 22 December 2000.3.Remit to the Court of Appeal of the Supreme Court of Queensland the question whether the appellant's equitable mortgage over the Property took priority over any interests in the Property held by the second respondent.4.Reserve to the Supreme Court of Queensland the question of the costs of the trial.On appeal from the Supreme Court of QueenslandRepresentation:B W Walker SC with M R Pearce for the appellant (instructed by Gilbert & Tobin)G D Sheahan...