New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Electronic funds transfer

Legal area

Court

1 Jun 2007

LARSEN V RICK DEES LIMITED SC 29/2006

Citation

LARSEN V RICK DEES LIMITED SC 29/2006
Court

Supreme Court

Where time is of the essence under a settlement notice, a purchaser who elects remote settlement must ensure the vendor is made aware by the settlement deadline that cleared funds are available to the vendor; mere electronic transfer into the vendor's solicitors' account before the deadline without timely notification of receipt does not satisfy clause 3.7 and permits valid cancellation by the vendor.
2 Jun 2006

LARSEN V RICK DEES LIMITED SC 29/2006

Citation

SC 29/2006
Court

Supreme Court

The Supreme Court granted leave to appeal and approved two questions for determination: (1) whether electronic funds transfer was an available method of settlement on 5 March 2004; and (2) whether payment was tendered by 5pm despite delayed receipt of fax notification.
13 Mar 2006

RICK DEES LIMITED V LARSEN CA CA82/05

Citation

openlaw-c88c8859_d07d_41a1_8108_1e9148ccbc50.pdf
Court

Court of Appeal

EFT of cleared funds into the vendor's solicitors' trust account before 5pm satisfied the purchaser's payment obligation under cl 3.7 and the settlement notice; fax notification did not have to be received by 5pm to complete settlement where payment was made in cleared funds and notification occurred within a reasonable time after payment; vendor was not entitled to cancel and appeal is allowed with remittal to High Court to decide remedy.