25 Feb 2011
21ST CENTURY INVESTMENTS LTD V ANZ NATIONAL BANK LTD HC AK CIV-2010-404-007366
- Citation
- openlaw-bb0fe7df_2540_40b6_b2fd_cd80bb210718.pdf
- Court
- High Court
The court held the statutory demand could not stand insofar as it sought to create or rely on a current account overdraft without prior demand but upheld the bank's acceleration of the term loan as valid because adequate notice was given and default established as to certain items, resulting in a reduced enforceable demand of $782,513.52 and a costs award of $7,395.90 on a 2B scale.