NEW ZEALAND BLOODSTOCK LEASING LIMITED V NEW ZEALAND BLOODSTOCK FINANCE LIMITED HC AK CIV 2004-404-5795

NEW ZEALAND BLOODSTOCK LEASING LIMITED V NEW ZEALAND BLOODSTOCK FINANCE LIMITED HC AK CIV 2004-404-5795

The court substituted the contract interest rate in the draft judgment with the Judicature Act rate and ordered post-judgment interest at 7.5% per annum from 19 April 2007 to payment because the second plaintiff accepted that rate and the Judicature Act/High Court Rules govern interest on judgment debts.

Citation
openlaw-4afae8ea_be04_4d3e_ac7c_e21b91bfd74c.pdf
Parties
First Plaintiff: New Zealand Bloodstock Leasing Limited; Second Plaintiff: New Zealand Bloodstock Finance Limited; First Defendant: Glyn Crawford Morse Jenkins; Second Defendant: Kathleen Moira Jenkins; Third Defendant: Glyn Brett Jenkins; Fourth Defendant: Kim St Clair Jenkins
Court
High Court
Jurisdiction
New Zealand
Judgment Date
8 August 2007
Procedural Posture
Civil: Contract Finance Guarantee / Costs and Quantum Judgment (final Judgment Delivered)
Outcome
Judgment entered for second plaintiff on quantum and costs as per draft judgment, amended to provide post-judgment interest at 7.5% per annum from 19 April 2007 to payment.
Legal Topics
Interest on Judgment Debt, Judicature Act Rate Vs Contractual Rate, High Court Rules, Finance Guarantee
Civil Procedure Contract Judgment Interest Interest on Judgment Debt Judicature Act Rate Vs Contractual Rate High Court Rules Finance Guarantee

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Parties

New Zealand Bloodstock Leasing Limited

First Plaintiff

New Zealand Bloodstock Finance Limited

Second Plaintiff

Glyn Crawford Morse Jenkins

First Defendant

Kathleen Moira Jenkins

Second Defendant

Glyn Brett Jenkins

Third Defendant

Kim St Clair Jenkins

Fourth Defendant

Procedural Posture

Civil: Contract Finance Guarantee / Costs and Quantum Judgment (final Judgment Delivered)

Legal Issues

  1. 1 Whether post-judgment interest should run at the contract rate of 18% or the Judicature Act rate
  2. 2 Appropriate rate of interest to apply from date of judgment to payment

Ratio Decidendi

The court substituted the contract interest rate in the draft judgment with the Judicature Act rate and ordered post-judgment interest at 7.5% per annum from 19 April 2007 to payment because the second plaintiff accepted that rate and the Judicature Act/High Court Rules govern interest on judgment debts.

Court Disposition

Judgment entered for second plaintiff on quantum and costs as per draft judgment, amended to provide post-judgment interest at 7.5% per annum from 19 April 2007 to payment.

Orders

  • Judgment for New Zealand Bloodstock Finance Limited on costs and quantum as recorded in the draft judgment filed 7 May 2007.
  • Amend paragraph (b) of the draft judgment to order the first, second, third and fourth defendants jointly and severally to pay interest on the outstanding judgment sum from 19 April 2007 to payment at 7.5% per annum.