By James Daniel, Founder and Principal on 21/06/2022 – [SOURCE]
Update: on 15 December 2022, an Application for Special Leave to appeal to the High Court was refused with costs
Two distinct points arose in the matter of 11 Oonoonba Road Pty Ltd v ACP Properties (Townsville) Pty Ltd  QCA 87.
First: Suing for a monetary limit is an abandonment of any excess, if no steps are taken to seek a claim beyond the limit.
Second: A mortgage that is registered and subsequently released, without discharging the whole of the debt will be considered a ‘subsequent mortgage’ under s88(1) of the Property Law Act as the section is not limited to registered mortgages.
Key Takeaway: (1) when suing for a debt that continues to accrue, such as interest on a loan, ensure that the whole debt remains within the monetary limit throughout the proceeding. Otherwise, seek that the matter be moved to a higher court; and (2) ensure to account for equitable mortgages and unregistered charges on the land when distributing proceeds of sale as mortgagee exercising a power of sale.