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ARTICLE · 07 JULY 2012

Solicitor's retainer extended to included advising on past transactions

Cooper Grace Ward
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A solicitor may be liable for failing to advise on the risks of a transaction that took place prior to their engagement.

AustraliaLitigation, Mediation & Arbitration
Rocco Russo
Rocco Russo
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The Queensland Court of Appeal has upheld a decision finding a solicitor liable for failing to advise on the risks of a transaction that took place prior to his engagement.

In the case Robert Bax & Associates v Cavenham Pty Ltd [2012] QCA 177, the plaintiff was a trustee of a family trust who made various loans to three borrowers for the purchase of properties.

The plaintiff made the first loan on the understanding that the borrower would arrange a first registered mortgage over the property that was being purchased, but this did not occur. National Australia Bank obtained a first registered mortgage over the property. The plaintiff held no security for the loan.

The plaintiff's bank manager arranged for a solicitor to act for the plaintiff after the first loan transaction was complete. The bank made two further loans to the plaintiff on the condition that the plaintiff would take first registered mortgages over the properties in relation to all three loans. The

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