17 Jul 2023
OAKLANE DAIRY LTD v FLOOKS, [2023] NZHC 1852
- Citation
- [2023] NZHC 1852
- Court
- High Court
The Court found there was sufficient evidence of oral agreement to vary interest rates and to roll over the loan; the variations were supported by consideration in the form of practical benefits (including continued above-market return for the mortgagees and voluntary lump sum repayments) and thus were legally enforceable; the estate's share of the mortgage was repaid on 6 September 2022 and a declaration and order for discharge (with Registrar authorised to execute if administrators do not register discharge within five working days) were made.