New Zealand Case Law: Decisions & Judgments

Topic

Right of redemption

Legal area

Court

9 Nov 2018

THE FISHBOWL TRUSTEE LTD as trustee of THE FISHBOWL TRUST v DOWNTOWN HOUSE (No 2) LTD [2018] NZHC 2892

Citation

[2018] NZHC 2892
Court

High Court

The guarantee limited the Guarantor's monetary liability to $500,000 and defined Guaranteed Money as the sums the Guarantor was liable to pay under the deed; Fishbowl paid that capped sum and clause 16.1 therefore required Downtown to release Fishbowl and the caveat, so Downtown could not retain the caveat after receipt of all Guaranteed Money.
15 Apr 2014

ALLERBY v ASB BANK LIMITED [2014] NZHC 807

Citation

[2014] NZHC 807
Court

High Court

There was no serious question to be tried on the plaintiffs' allegations about dealing with trustees, inadequacy of marketing or oppressive conduct in refusing further adjournment; the right to redeem had effectively ended given the unconditional contract and the balance of convenience favoured protecting the purchaser's contractual expectations; accordingly the interim injunction was refused.
20 May 2011

ASB BANK LIMITED V CRAIG ALEXANDER URQUHART HC AK CIV 2010-404-006913

Citation

openlaw-1163f820_a9fc_41be_af7f_e7f7c316111c.pdf
Court

High Court

Summary judgment was granted because ASB fulfilled the duties under s176 by obtaining valuations, conducting competent marketing and a proper auction, the unconditional contract entered 29 April 2010 terminated any obligation to rescind or delay settlement, the alleged refinance was conditional or expired and the intervening events draft clause did not impose a continuing duty; consequently the defendants had no arguable defence and the CCCFA oppression claim failed.
2 Apr 2009

SPENCER ARTHUR LAWES AND ANOR V BANK OF NEW ZEALAND HC AK CIV 2009-404-001594

Citation

openlaw-bc57fac6_1a80_44c0_8c76_e8fea814e684.pdf
Court

High Court

The court granted an interim injunction conditioned on repayment of all secured sums by 5 pm on 3 April 2009 because equitable considerations (imminent refinancing and repayment) outweighed the defendant's contractual sale position; if repayment occurred the defendant's obligation to sell would end and the mortgage would be discharged, otherwise the injunction would lapse permitting completion of the sale.
25 Mar 2009

LAWES AND ANOR V BANK OF NEW ZEALAND HC AK CIV 2009-404-001594

Citation

openlaw-5b09a4f4_666b_4f07_9819_055f5d619b9a.pdf
Court

High Court

The Court prioritized the interlocutory proceeding, set a timetable for pleadings and a half‑day fixture before 7 April 2009, and ordered that if a hearing could not be held before the settlement date there would be a consent interim injunction restraining BNZ from completing the sale until the fixture; this was necessary to preserve the applicants' opportunity to redeem and to balance inconvenience between parties.
2 Oct 2006

TRUSTEES EXECUTORS LIMITED V STRETCHLAND LIMITED HC AK CIV-2006-404-4428

Citation

openlaw-aa8af712_59cb_4979_af7c_653ab0944752.pdf
Court

High Court

Defendant failed to establish a reasonably arguable caveatable interest that could prevail over the plaintiff's prior indefeasible mortgage and exercised power of sale; the mortgagee sale to a bona fide purchaser prevails where the mortgagor was in default and the mortgagee did not consent to the mortgagor's sale; balance of convenience favours removal of the caveat and the caveat must be removed under s143 LTA.

New Zealand Case Law

THE FISHBOWL TRUSTEE LTD as trustee of THE FISHBOWL TRUST v DOWNTOWN HOUSE (No 2) LTD [2018] NZHC 2892

ALLERBY v ASB BANK LIMITED [2014] NZHC 807

ASB BANK LIMITED V CRAIG ALEXANDER URQUHART HC AK CIV 2010-404-006913

SPENCER ARTHUR LAWES AND ANOR V BANK OF NEW ZEALAND HC AK CIV 2009-404-001594

LAWES AND ANOR V BANK OF NEW ZEALAND HC AK CIV 2009-404-001594

TRUSTEES EXECUTORS LIMITED V STRETCHLAND LIMITED HC AK CIV-2006-404-4428