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{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8 \pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 \f1\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 IN THE HIGH COURT OF FIJI \par AT SUVA \par CIVIL JURISDICTION \par }\pard \s15\qj \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 \par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 CIVIL ACTION NO.: HBC}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 0}{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 505 OF 2000}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 \par }\pard \s15\qj \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103 \par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 BETWEEN}{\f0\lang2057\langfe1033\langnp2057\insrsid11103191\charrsid11103191 :}{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 \par }\pard \s15\qj \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 \par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\b\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 FIJI DEVELOPMENT BANK \par }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 PLAINTIFF \par }\pard \s15\qj \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 \par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 AND: \par }\pard \s15\qj \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 \par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\b\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 EPARAMA TURAGA \par }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 DEFENDANT}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 \par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103 \par }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 Ms Y. Fatiaki for Plaintiff \par }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 Ms A. Koroi for Defendant \par \par Date of Hearing:}{\f0\lang2057\langfe1033\langnp2057\insrsid11103191\charrsid11103191 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 20th September 2005 \par Date of Judgment:}{\f0\lang2057\langfe1033\langnp2057\insrsid11103191\charrsid11103191 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 21st September 2005 \par \par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\b\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 JUDGMENT \par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 \par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6050103 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 This is a claim by plaintiff for balance sum owing under a mortgage and Bill of Sale.}{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The plaintiff had advanced to the defendant a total sum of $106,085.50 on security of mortgage over Crown Lease 3194 and a Bill of Sale. }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The term of loan was 15 years.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 Interest rate was 8% per annum.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 It is not disputed that the de fendant defaulted in making his monthly payments of $1,075.00.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The validity of the security documents is not questioned.}{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The defendant says that when the plaintiff elected to sell the property under the mortgage, it did not realize the best price possible.} {\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 That is the only issue raised on the pleadings. \par }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 \par }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The law on that is very clear.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 It is for a mortgagor to decide if he/she will sell the mortgaged property and when he will sell the mortgaged property. \par \par But once the mortgagor decides to sell he/she owes a duty of care to act honestly and to take reasonable precautions to obtain the true market value of the property at the date of sale \endash }{ \f0\ul\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 Tse Kwong Lam v. Wing Chit Sen}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 \endash 1983 1 WLR 1349.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The Court of Appeal in }{\f0\ul\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 Jai Narayan v. Mohammed}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 }{ \f0\ul\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 Samshu Dean & Others}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 \endash ABU00}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 56 of 1985 stated that the duty of the mortgagee was to obtain a fair market value when realizing the mortgaged property by sale. \par \par The plaintiff in this case had the property valued by a registered valuer. He valued it at $95,000.00.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The property was a dvertised in a newspaper for sale.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The Bank received tenders ranging from $70,000.00 to $99,000.00.}{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The highest tender was in fact over the figure fixed by a registered valuer.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 There is nothing unreasonable in the manner in which the sale was conducted or the price which was obtained.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The property was sold for $99,000.00 leaving a residual balance of $27,633.01 which the plaintiff claims.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 The plaintiff has tendered statement of accounts to support its claim for residual balance. \par \par I therefore enter judgment for the plaintiff against the defendant in the sum of $27,633.01 together with interest at 8% per annum from 1}{\f0\lang2057\langfe1033\super\langnp2057\insrsid6050103\charrsid6050103 st}{ \f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 October 2000 until judgment.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 From the day of judgment, interest shall accrue at 4% per annum on the judgment sum.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 }{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 I also award costs summarily fixed in the sum of $2,000.00.}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103 \par \par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11103191 {\b\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid11103191 [ Jiten Singh ] \par JUDGE \par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6050103 {\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 \par At Suva \par 21}{\f0\lang2057\langfe1033\super\langnp2057\insrsid6050103\charrsid6050103 st}{\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 September 2005}{\b\f0\lang2057\langfe1033\langnp2057\insrsid6050103\charrsid6050103 \par }}