Nexus - 0211 - New Times Magazine-pages

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esas The Plaintiff was at all times a customer of the Defendant. On or about the ......... day Of wo... eeeeeeeeeeee 19......, the Defendant through its Manager, ............:cecccreee wag FO WO SIRES GF 2. onreccnssccnsscnnrnnceey , did verbally represent to the Plaintiff that the Defendant had approved a loan to the Plaintiff for the sum of $... ., in legal tender money of the Commonwealth of Australia and at an annual interest rate of ......... So. ...... The Defendant and its Manager the said .................. knew or ought to have known that the verbal representation that the es. Yo WAS false and was made with deliberate and intentional disregard for the rights of the Plaintiff. — Relying on the said false representation, the Plaintiff was on or about the ...........- DAY Of .......++sseeseerey 19.2...) induced to Volume The said Mortgage was subsequently registered by the Defendant with the Land Titles Office Plaintiff legal tender money of the Commonwealth of Australia to the full value of the said loan. “For the actual legal tender money which the Defendant risked for the said loan is estimated to be no more than 20% of the face value of the said loan. The Defendant oo and to the detriment and damage of the Plaintiff. _ In cari nying out the Defendant's commitment to lend to the Plaintiff legal money of the Commonwealth of Australia, the The said cheques which the Defendant and its officers wrote were not at the time backed by or redeemable in legal tender money of the Commonwealth of Australia for their full face value. cheque “Paid” did make a false representation as the Defendant merely transferred some book entries and never intended to redeem the said cheques in legal tender money of the Commonwealth of Australia. We By virtue of the Defendant's activities in creating an unlawful debt by passing a bad cheque, the Defendant has collected an in that the actual amount of legal tender of the Commonwealth of Australia risked by the Defendant was about 5% of the said loan's made by the Defendant in the form of Bank Credit and not in legal tender money of the Commonwealth of Australia as represented assets which can be proven to exist in actuality. The Plaintiff further says that the Credit so loaned to the Plaintiff was in fact the (a) What the Defendant was intending to provide to the Plaintiff was Bank Credit, not legal tender money of the (d) The repayment of all or any part of such credit destroyed the credit to the extent of such repayment; Plaintiff in particular, to service borrowings as to either interest or charges; from the Plaintiff in legal tender money of the Commonwealth of Australia. The Plaintiff claims: Plaintiff's own credit as were the Plaintiff's assets and the Plaintiff's ability to repay. The Defendant has merely appeared to monetise ‘| Commonwealth of Australia; (e) The only means by which the interest and charges could be serviced by the Plaintiff would be if other persons or corpo- - Fair Trading Act (NSW) 1989, Sections 42, 43, 44. _ (i) A Declaration that the Plaintiff is not contractually or otherwise required to repay to the Defendant in legal tender money IN THE SUPREME COURT OF NEW SOUTH WALES —_ The Defendant is and was at all times a Bank within the meaning of Section 5 of the Banking Act 1959. =_— .-+.-+, the Defendant through its Manager, , of the Defendant's Branch at .... ., in the State of ... The Defendant and its Manager the said Defendant would lend the Plaintiff legal tender money of the Commonwealth of Australia at an annual interest rate of sign a Mortgage in favour of the Defendant in -— ject of the property of the Plaintiff being the land contained in the Certificate of Title — After the Plaintiff ha: — the said Mortgage the Defendant and its Manager the said , did fail to lend the did charge an interest rate which was about 6 times greater than what was authorised in the said Mortgage, and the Defendant did so Led of did write cheques with the intention of making a loan beyond the amount of the Defendant's customers’ deposits and the Defendant's capital reserves. — The only consideration which the Defendant provided in respect of the said loan to the Plaintiff was a book entry demand deposit which the Defendant itself created effortlessly and at virtually no cost to the Defendant. The Defendant, in stamping its own The Defendant and its said Manager failed to !end the Plaintiff legal tender money of the Commonwealth of Australia and instead substituted bad cheques with the intended purpose of circulating such cheques as money. annual interest rate estimated to be 6.25 times greater than the amount of interest to which the Plaintiff agreed in the said Mortgage face value. _ The Plaintiff says that any loans made by the Defendant to the Plaintiff pursuant to the said agreements pleaded herein were by the Defendant. The Plaintiff says that this Bank Credit was created by the Defendant upon the Plaintiff's ability to pay back the Defendant's ability to pay back the Defendant this Credit in the form of the Plaintiff's assets which are real and the working of these the Plaintiff's physical assets and has failed to lend to the Plaintiff any asset of the Defendant such as to constitute a legal considera- tion. — The Plaintiff further says that the Defendant engaged in conduct which was misleading or deceptive or likely to mislead and deceive within the meaning of Section 52, 52A and 53 of the Trade Practices Act 1974 for the reason set out in Paragraph 4 thereof. In agreeing to make the loan to the Plaintiff as set out in Paragraph 3 hereof, the Defendant did not advise the Plaintiff that: (b) The provision of such Bank Credit would resutt in an increase in the deposits of the Australian Banking System; (c) Such an increase in loans and deposits would inject into the Australian community only sufficient credits to constitute the principal amounts of any such loans and did not provide the means to repay either interest or charges; ration continued to obtain more similar credits from the Australian Banking system of which the Defendant forms a part such that additional funds were available to some borrowers; (f} The contraction of credit by the Australian Banking system would result in an inability of borrowers generally and, the (g) An increase in interest rates by the Australian Banking system would result in the inability of borrowers generally and, the Plaintiff in particular, to service borrowings as to either interest or charges; (h) Whilst the Defendant was proposing to provide the loan by way of Bank Credit, the Defendant would require repayment - Contracts Review Act, Section 4 - Trade Practices Act 1974. Sections 52, 52A, 53. - Industrial Arbitration Act 1940, Section 88F. of the Commonwealth of Australia or the Bank Credit created by the Defendant and credited to accounts with the Defendant in the name of the Plaintiff; (ii) A Declaration that the following Mortgages granted by the Plaintiff to the Defendant are null and void: a