Mitzev v Foxman

In *Mitzev v Foxman*, the Court of Appeal of New South Wales considered a dispute concerning the payment of part of the purchase price for a property. The vendor, Mr. Foxman, had requested that the purchaser, Mr. Mitzev, provide "Credex dollars" as part payment. The central issue was whether the "Credex" trading scheme was operational at the time of the sale and whether valuable consideration had been provided by the purchaser.

The court was required to determine whether the purported payment of "Credex dollars" constituted valid consideration for the sale of the property. This involved assessing the nature of the "Credex" scheme and whether it was a legitimate form of currency or consideration at the relevant time. The court also had to consider the implications of the scheme's operational status on the vendor's obligations and the purchaser's entitlement to the proceeds of sale.

The Court of Appeal allowed the appeal, setting aside previous orders made by the Equity Division. The court ordered that the respondent pay to the appellant the sum of $50,405.18, or any other amount received by the respondent from the trustee for sale upon the property's sale, along with interest. The respondent was also ordered to pay the appellant's costs in both the Court of Appeal and the court below, and was granted a certificate under the Suitors’ Fund Act 1951 (NSW) in respect of the appeal.