27 Jul 2018
FRANCIS v FRANCIS and FRANCIS [2018] NZHC 1753
- Citation
- [2018] NZHC 1753
- Court
- High Court
The ADLS/REINZ sale agreement for the garden centre did not, by implication or express term, require the ANZ mortgage to remain on title until the partnership's bank debt was repaid; the contract was effective without such an implied term and business efficacy and obviousness tests were not met. Consequently plaintiffs were entitled to specific performance for transfer of the garden centre (with mortgage discharged if the bank consents), entitlement to transfer of the Waihi bach, and transfer of Waimauku titles (subject to the unresolved Acacia lease issue); claims for late settlement interes…