11 Mar 2021
MGH TRAH LIMITED, LIONEL JOHN HART AND JUDEE LOUISE HART AS TRUSTEES OF THE ANDRE AND JOSHUA HART TRUST v FOX MORTIMER TRUSTEE COMPANY LIMITED [2021] NZCA 59 [11 March 2021]
- Citation
- (2021) 22 NZCPR 102
- Court
- Court of Appeal
Payment of an interim amount to a stakeholder in accordance with clause 8.4 on the settlement date satisfies the purchaser's obligation to pay the purchase price for the purposes of clause 3.8, and operates to defer the vendor's entitlement to payment (and thus the due date for payment to the vendor) in respect of that interim amount; accordingly default interest under clause 3.12 is not payable by the purchaser on an interim amount properly paid to a stakeholder under clause 8.4, although interest earned on the stakeholder deposit follows the destination of the interim amount as provided by…