Name: University: Course: Tutor: Date: Narni Pty Ltd v National Australia Bank Limited  VSC 146 Case Studies Introduction In 1989, Narni Pty Ltd was engaged in private nursing home business. Narni Pty Ltd used to write cheques on the defendant- The National Australian Bank Ltd, the bank dishonored several cheques which were drawn on Narni No 2 Cheque account which had been maintained at the Elwood branch…
Download full paperFile format: .doc, available for editing
Extract of sample "Narni Pty Ltd v National Australia Bank Limited  VSC 146"
Download file to see previous pages
The conduct of National Australia Bank Limited clearly shown there was an agreement to exceed the overdraft Limit hence creating an implied term in the contract which barred the bank from terminating the extended overdraft limit without a notice. Narni suffered losses from the dishonor of the cheques hence had to sue the bank for damages. Implied term of arrangement and why significant for Narni and banker- customer relationships According to the agreement made between the bank and Narni, overdraft limit was $ 65,000 hence honoring $ 40,000 would exceed the approved limit. However, their October 1988 agreement provided for provision of finance for the renovations which were being carried out by Carrum Nursing Home and at the same time the bank would continue honouring the cheques notwithstanding the approved limit of $ 65,000. By the implied conduct of the two parties, the approved limit was varied to $ 100,000 hence creating an “overdraft extension”. At the end of 1988, all assets of Narni had been financed by loans to the total of $ 896,165 hence Narni was responsible for making $ 66, 718 per annum installments as payments for the loan. Majority of the income also came from Federal Department of Health and Community services (DCS) as advance payments at the beginning of each month. The total income of 1988 stood at $ 225 M where patient contributions were below $ 400, 000 with majority of the income being advance payments by DCS at the rate of $ 150,000 per month. From the account transactions history, the account always had a credit balance at the beginning of each month and a debit balance at the end of the month. DCS would pay between $ 90,000 to $ 124,000 as initial payment to the account and another final payment after two weeks which made that the balance would be above the extended overdraft limit of $ 100,000. However, withdrawals would occur evenly throughout the month with majority being wage payments which accounted for 62%of expenses which translates to $ 1.4 M which was paid after every two weeks. In some months, wages would amount to $ 120,000. The Branch manager would approve overdraft facilities depending on the account balances of the account. Below is a summary of the account balance for the six months from January to June 1988. Month Start Balance Zero Balance Date End Balance January 1988 $99,716.09 CR (5/1) 20 $24,669.34 DR (1/2) February 1988 $66,069.68 CR (2/2) 19 $47,512.02 DR (1/3) March 1988 $59,282.35 CR (2/3) 17 $69,168.08 DR (6/4) April 1988 $26,683.13 CR (7/4) 14 $94,162.28 DR (3/5) May 1988 $1,533.12 DR (4/5) 2 $87,897.80 DR (1/6) June 1988 $7,016.25 CR (2/6) 10 $71,675.53 DR (1/7) From the account balance figures, extended credit facility was provided in every month while payments in to the account from DCS delayed were delayed in some months meaning the account would still have a debit balance at the beginning of the month and an overdraft would still be approved. In July 1988, the same trend continued with automatic payments from DCS of $ 109, 608 leading to account credit balance of $ 29, 582. From the transactions of July 1988, the end of the month account balance was overdrawn. The account reflected a debit balance at the start of August 1988 but it was reduced by a deposit of $ 85, 671 to settle to a debit of only $ 1,375. In September, the account was overdrawn to a
...Download file to see next pagesRead More
(“Narni Pty Ltd v National Australia Bank Limited  VSC 146 Essay”, n.d.)
Narni Pty Ltd v National Australia Bank Limited  VSC 146 Essay. Retrieved from https://studentshare.org/law/1441117-narni-pty-ltd-v-national-australia-bank-limited
(Narni Pty Ltd V National Australia Bank Limited  VSC 146 Essay)
Narni Pty Ltd V National Australia Bank Limited  VSC 146 Essay. https://studentshare.org/law/1441117-narni-pty-ltd-v-national-australia-bank-limited.
“Narni Pty Ltd V National Australia Bank Limited  VSC 146 Essay”, n.d. https://studentshare.org/law/1441117-narni-pty-ltd-v-national-australia-bank-limited.
It is noteworthy that Commonwealth Bank has listed its stock in the Australian Securities Exchange. Presently Commonwealth Bank of Australia is one of the major players in the Australian financial markets owing to its large market coverage and asset base.
Curragh mine is operated and handled by Westfarmers and covers approximately an area of 12600 hectares close to Blackwater. Westfarmers Limited in June 2000 had purchased assets to Curragh Co and presently it holds full equity interest of “Curragh Coal Sales Co. Pty Ltd” and “Curragh Queensland Mining Pty Ltd” (Curragh, 2011).
In such a transaction wherein actual cash was received and SEM chose to recognize the cash inflow as capital, the tax law provides that this be considered as ordinary income. Division 6 – Assessable Income and Exempt Income, Section 6.5, states that Australian residents’ ordinary income are assessed whether derived from within Australia
Although the evidence of Dr Basden was considered inexact and imprecise as to the numerical or quantitative calculation of silica exposure and an hence inadmissible evidence as contended by the appellant Dasareef and conceded by the courts below and the High Court.
2 check account maintained at Elwood Branch without giving adequate notice to Narni. Because of the breach of their arrangement, Narni allegedly have suffered damages for loss of earning profit from the Carrum Nursing Home and even after the sale, Narni did not earn any income.
Australian business law is developed and intended to protect the rights of each and everyone involved in the business transactions.The present paper aims provide the most suitable suggestions to all the parties in the case of misleading and deceptive representations between ‘Uni-Garage v Mechania College and Right Pay Employment Agency Pty Ltd.’
The author says that the initial complaint filed by Norman was founded on a claim in damages where she alleged that the respondent, Future Publishing Limited had used words which had a defamatory meaning. The substantive complaint arose out of words published by the defendant in a classic CD Magazine.
Business section has the subsections day to day banking, finance$loans, Investments, Insurance, International trade, life stages, insights and service centre. The readers can visit each section and subsection with minimal distractions and they are self
Due to the breach of arrangement committed by the bank, the Carrum Nursing Home was sold after being subjected to possession by appointed agent. The refusal of the Bank to honor the cheque without giving adequate notice to Narni is a breach of their arrangement.
Hitachi Construction Machinery Company is the mother company of the above stated subsidiary mainly stationed in Japan. To acquire a favorable market share, it engages in the sales of the heavy machineries, for example John Deere, Bell and Hitachi competent brands in the ranges of new and used.
4 Pages(1000 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Narni Pty Ltd v National Australia Bank Limited  VSC 146"
with a personal 20% discount.