ASB BANK LTD V A G RUSHTON AND ANOR HC WHA CIV-2010-488-000397

ASB BANK LTD V A G RUSHTON AND ANOR HC WHA CIV-2010-488-000397

The settlement correspondence (letter of 5 November 2009) unambiguously treated the $200,000 as payable independently of the stock sale proceeds (which were allocated to the $800,000 stock component); therefore proceeds from stock sales, including those by Chantorus Ltd, could not be credited against the $200,000. The defendants raised no defence sufficient to defeat summary judgment. Judgment was awarded to the Bank for $200,000 plus statutory interest at 8.4% from 18 January 2010 to 18 August 2010 and costs and disbursements as set out.

Citation
openlaw-855f6017_f2fa_464c_8384_63d57f13f19b.pdf
Parties
Plaintiff: ASB Bank Ltd; First Defendant: Arthur Gerald Rushton; Second Defendant: Colleen Colette Rushton
Court
High Court
Jurisdiction
New Zealand
Judgment Date
18 August 2010
Procedural Posture
Application for Summary Judgment / Oral Judgment (summary Judgment) 18 August 2010
Outcome
Summary judgment granted in favour of ASB Bank Ltd against the defendants for the outstanding $200,000
Legal Topics
Summary Judgment, Partial Settlement, Personal Guarantee, Enforcement of Security, Allocation of Settlement Proceeds, Interest, Costs
Contract Law Banking Law Property Law Civil Procedure Insolvency/receivership Summary Judgment Partial Settlement Personal Guarantee +4 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Legal principles 4 Authorities cited 2 Party arguments 2 Amounts and remedies 5
Sign in to unlock

Parties

ASB Bank Ltd

Plaintiff

Arthur Gerald Rushton

First Defendant

Colleen Colette Rushton

Second Defendant

Procedural Posture

Application for Summary Judgment / Oral Judgment (summary Judgment) 18 August 2010

Legal Issues

  1. 1 Whether the defendants have a bona fide defence to the Bank's claim for $200,000 under the settlement proposal
  2. 2 Whether proceeds of stock sales (including sales by Chantorus Ltd) could be applied to reduce the $200,000 shortfall
  3. 3 Appropriate rate and period for interest

Ratio Decidendi

The settlement correspondence (letter of 5 November 2009) unambiguously treated the $200,000 as payable independently of the stock sale proceeds (which were allocated to the $800,000 stock component); therefore proceeds from stock sales, including those by Chantorus Ltd, could not be credited against the $200,000. The defendants raised no defence sufficient to defeat summary judgment. Judgment was awarded to the Bank for $200,000 plus statutory interest at 8.4% from 18 January 2010 to 18 August 2010 and costs and disbursements as set out.

Court Disposition

Summary judgment granted in favour of ASB Bank Ltd against the defendants for the outstanding $200,000

Orders

  • Judgment for plaintiff for $200000.00 NZD
  • Interest awarded at 8.4% from 18 January 2010 to 18 August 2010 in the sum of $9711.78 NZD