New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Interest rate dispute

Legal area

Court

9 Dec 2010

WINE COUNTRY CREDIT UNION V SS DUGH AND ANOR HC NAP CIV-2010-441-667

Citation

openlaw-e5130c67_3510_4435_9fc1_b12abc9ecb5b.pdf
Court

High Court

Defendants admitted liability and their only defence on quantum (an alleged agreement to cap interest at 8%) was uncorroborated, inconsistent with contemporaneous documents and inherently improbable; therefore there was no real question to be tried and summary judgment was granted for $957,295.85 against both defendants, with costs and disbursements awarded against the second defendant and costs reserved against the first defendant pending legal aid determinations.
2 Dec 2009

WESTPAC NEW ZEALAND LIMITED V DEAN RICHARD GORDON AND ANOR HC AK CIV 2009-404-003873

Citation

openlaw-2d9004c3_b9b2_4ed4_bdfa_79b3b3aa0c05.pdf
Court

High Court

The Court concluded the new loan agreement was formed: the signatures (including Mrs Gordon's) and subsequent verbal confirmation amounted to acceptance; there was no sufficient evidential conflict to deny summary judgment; the interest rate was not shown to be oppressive under s118 CCCFA; alternatively, even if Mrs Gordon were not bound by the new loan she remained liable under prior loan agreements; accordingly Westpac was entitled to judgment against both defendants jointly and severally.