29 Jul 2016
CAROLAN v NEW ZEALAND REAL ESTATE CREDIT LIMITED [2016] NZHC 1757
- Citation
- [2016] NZHC 1757
- Court
- High Court
The advances constituted loans reduced to a principal of $1,165,000 (after set-offs); they were not non-recourse or forgiven; no agreement existed that interest would be payable, so s87(2) did not apply, but s87(1) authorized interest at the prescribed rate; CCCFA did not apply to bar recovery; accordingly defendants entitled to judgment for principal and statutory interest and to enforce the second registered mortgage and s119 notices.