3 Nov 2023
SENIOR TRUST CAPITAL LIMITED v HOLMES [2023] NZHC 3108
- Citation
- [2023] NZHC 3108
- Court
- High Court
Because the mortgagee sale process was not challenged and objectively tested the market producing an $18,000,000 sale after proper marketing, the Court found no breach of s176 or of an equitable duty of good faith; the earlier $22,000,000 contract was not shown to be alive at sale and key contractual differences (exclusion of two units, warranties and other terms) explained the price gap; the guarantee/loan contained a conclusive certificate clause and no manifest error appeared on the face of the certificate, and defendants failed to identify a reasonably arguable defence on quantum; therefo…