19 Jun 2013
SPENCE v LYNCH [2013] NZHC 1478
- Citation
- [2013] NZHC 1478
- Court
- High Court
Advances totalling $224,480.48 from Spence to the DCT Trust were loans repayable on demand; there was no concluded property sharing/profit sharing agreement to convert those loans into proprietary interests; identifiable repayments and deductions (Mull Place improvements $11,104; 10 October 2005 repayment $20,000; tax liability $5,630; Ford Territory refinancing repaid by trust $57,588) reduced the trust's liability to $130,158 which judgment is entered for, with interest; third parties' counterclaims dismissed and trustee indemnity acknowledged.