RAISER DEVELOPMENTS LTD V TREFOIL PROPERTIES LTD & ANOR HC AK CIV 2005-404-5883

RAISER DEVELOPMENTS LTD V TREFOIL PROPERTIES LTD & ANOR HC AK CIV 2005-404-5883

There remained an arguable case that the original agreement dated 11 May 2005 was not discharged by the subsequent settlement arrangements because discharge may have required completion of the settlement conveyancing; accordingly the caveat created a caveatable interest and the court exercised its discretion to preserve the caveat pending determination at trial, with directions for the substantive proceeding.

Citation
openlaw-cc6fbcb0_f93c_46a6_843d_81e628882579.pdf
Parties
Plaintiff: RAISER DEVELOPMENTS LIMITED; First Defendant: TREFOIL PROPERTIES LIMITED; Second Defendant: GRAFTON OAKS MOTELS (1999) LIMITED
Court
High Court
Jurisdiction
New Zealand
Judgment Date
16 November 2006
Procedural Posture
Application Under Ss145 and 145 a Land Transfer Act 1952 (caveat Not to Lapse) / Interlocutory (application That Caveat Not Lapse); Trial Allocated for Substantive Proceeding
Outcome
Application granted in part: caveat shall not lapse until further order of the Court; substantive issues to be determined at trial.
Legal Topics
Caveat, Settlement Agreement, Specific Performance, Removal of Caveat, Balance of Convenience, Contract Interpretation
Property Law Land Law Contract Law Civil Procedure Caveat Settlement Agreement Specific Performance Removal of Caveat +2 more

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Parties

RAISER DEVELOPMENTS LIMITED

Plaintiff

TREFOIL PROPERTIES LIMITED

First Defendant

GRAFTON OAKS MOTELS (1999) LIMITED

Second Defendant

Procedural Posture

Application Under Ss145 and 145 a Land Transfer Act 1952 (caveat Not to Lapse) / Interlocutory (application That Caveat Not Lapse); Trial Allocated for Substantive Proceeding

Legal Issues

  1. 1 Whether a binding settlement agreement was reached
  2. 2 Whether any settlement agreement discharged the prior unconditional sale agreement dated 11 May 2005
  3. 3 Whether the plaintiff retains an arguable caveatable interest under s137 LTA

Ratio Decidendi

There remained an arguable case that the original agreement dated 11 May 2005 was not discharged by the subsequent settlement arrangements because discharge may have required completion of the settlement conveyancing; accordingly the caveat created a caveatable interest and the court exercised its discretion to preserve the caveat pending determination at trial, with directions for the substantive proceeding.

Court Disposition

Application granted in part: caveat shall not lapse until further order of the Court; substantive issues to be determined at trial.

Orders

  • Caveat number 3476279.1 (North Auckland Registry) registered against CT 47C/401, Lot 1 DP 82994 shall not lapse until further order of the Court
  • Leave reserved to parties, on 14 days' notice, to have the caveat application re-listed for further consideration if circumstances change