Wolter and Wolter (No 3)

In *Wolter and Wolter (No 3)*, Watts J of the Supreme Court of New South Wales was required to determine the proper distribution of the net proceeds from the sale of a property at V Street, Suburb N, following the enforcement of a mortgage by the Commonwealth Bank of Australia. The dispute concerned the priority of payments to be made from these proceeds, particularly in relation to outstanding mortgage debts and the establishment of a controlled money account.

The central legal issue before the court was how the net proceeds of the property sale should be disbursed. Specifically, the court had to determine the order in which various expenses and debts, including the costs of enforcing the mortgage, the discharge of the mortgage over the V Street property, the discharge of a separate mortgage over a property at I Street, Suburb F, and the balance of funds, should be paid.

Watts J ordered that the Commonwealth Bank of Australia, its servants and agents, were to take all necessary steps to disburse the net proceeds of the sale in a specific order. Firstly, expenses incurred by the bank in relation to the enforcement of the mortgage, possession, and sale of the V Street property were to be paid. Secondly, the sum required to discharge the mortgage secured over the V Street property was to be paid. Thirdly, the sum required to discharge the mortgage to the Commonwealth Bank of Australia secured over the property at I Street, Suburb F, was to be paid. Finally, any remaining balance of funds was to be paid into a controlled money account styled "S & Associates". The husband was also ordered to pay the wife's costs of the interim application, excluding the costs of the appearance on 21 September 2015, on a party/party basis.