opes had no right to assign, page-17

Say if I teamed up with someone to obtain a line credit against a little old ladies house because she needed some repairs done urgently and was only on a pension and for the $10,000 she needed as security I took possession of the full title of her million dollar home. My partner decided to draw down 900,000 and run away to Spain so I needed to sell the house to get my money back.

She is left on the street.

I would go to jail and/or have current affair chasing me down the street. I would not be able to show my face in public.

her intent was that she only wanted to offer security for the $10,000. She never consented to offering up her home as security for the event of my partner stealing. That is a risk I would have to take on as the contract with her was implied only to secure poperty to protect the $10,000 she was given.

I cannot see any other way. Everyone was sure they allowing their assets to be used as security only against what they borrowed. The term margin lending supported that.

There is no logic in someone allowing ANZ or others to use their assets to cover other losses KNOWINGLY. No-one would think for a minute ANZ would have ever entered into such a scam. The banks were not a credible bunch before but now stink worse than my dog.