Reserve Bank of Vanuatu v Foliaki [2004] VUSC 60; Civil Case 210 of 2003 (21 June 2004)

IN THE SUPREME COURT
OF THE REPUBLIC OF VANUATU
(Civil Jurisdiction)

Civil Case No. 210 of 2003.

IN THE MATTER OF: A Third Party Mortgage dated 15 July 1988 in respect of leasehold title No. 11/OE44/006

AND IN THE MATTER OF: The Land Leases Act 1983 [CAP. 163], as amended

AND:

RESERVE BANK VANUATU
Claimant

AND:

SIU FOLIAKI
Defendant

Mr. Collin Leo for the Claimant
Mr. Foliaki in person

ORDER

UPON HEARING Mr. Leo for the claimant and the defendant in person, the Court makes the following orders:-

1. That the Claimant, as Mortgagee, be empowered to sell and transfer the leasehold property contained and described in Title Number 11/OE44/006, by such means and in such manner as it shall deem fit.
   
2. That pending such sale and transfer the Claimant, as Mortgagee, or any agent or agents duly authorized by it in writing, be empowered to enter on the said leasehold property and act in all respects in the place and on behalf of the proprietor of the lease, and to apply in reduction of the monies due and owing to the Claimant all or any rent received in respect of the said property.
   
3. That the purchase monies to arise from the sale and transfer of the said leasehold property and the monies received (if any) by the Claimant pending such sale and transfer shall be applied:
   
   • (a) Firstly, in payment of the expenses occasioned by the sale and transfer or going into and remaining in possession (as the case may be), including the costs of this application;
     
   • (b) Secondly, in payment of the moneys then due and owing to the Claimant as Mortgagee;
     
   • (c) Thirdly, in payment of subsequent registered mortgages or encumbrances (if any) in order of their priority;
     
   • (d) Fourthly, the surplus (if any) shall be paid into this Honourable Court pending further order.
     
4. The Defendant to pay the costs of and incidental to this suit, to be taxed if not agree.
   

DATED at Port Vila, this 21^st day of June 2004.

H. BULU
Judge.