Irani v St George Bank Limited (No 2)

The respondents, the mortgagees, sought an order to realise a mortgage held over land. The appellants, the mortgagors, opposed the order on the basis that the mortgagee had not achieved the best price reasonably obtainable. The matter was heard in the Supreme Court of Victoria. The respondents, St George Bank Limited, were seeking to realise a mortgage held over land. They argued that they had achieved the best price reasonably obtainable. The appellants, Irani, opposed the order, arguing that the respondents had not achieved the best price reasonably obtainable. The legal issue was whether the respondents had achieved the best price reasonably obtainable when realising the mortgage. The court considered the position of the second mortgagee, the relevant statutory provisions, and the authorities on the point. The court found that the respondents had not achieved the best price reasonably obtainable. The court found that the sale of the land was not made in a market where the land had a market value. The court also found that the price achieved was not the best price reasonably obtainable, having regard to the existing circumstances. The court held that the respondents were not entitled to the order sought. The court ordered that the respondents pay the costs of the appellants.