16 Feb 2018
COUMAT LIMITED v WHITFORD PROPERTIES LIMITED [2018] NZCA 15
- Citation
- [2018] NZCA 15
- Court
- Court of Appeal
On transfer of the mortgage to Bruce he acquired the mortgagee's statutory and equitable duties; the $1.25m forfeited tender deposit was proceeds of a mortgagee sale and reduced the mortgage indebtedness and therefore could not later be credited to Coumat as consideration; Bruce breached s185 and equitable duty by crediting $2,560,054 as notional payment and failing to account to Whitford; Coumat knowingly received the benefit and Hayhow dishonestly assisted, so appellants liable as accessory/recipient.