The plaintiffs (as mortgagee) sued the defendants (as mortgagor) for principal and interest owing under two registered mortgages. The plaintiffs also sued for possession of the mortgaged land to exercise a power of sale.
The claim was defended and a counterclaim brought on the grounds that the limitations period had long expired and the plaintiffs’ claim statue-barred. On a summary judgment application, the plaintiffs argued, on the proper construction of the mortgage, the parties contracted out of the operation of the Limitations of Actions Act 1974 (Qld), and it was lawful for them to do so.
A copy of the judgment is here.