22 Nov 2016
FTG SECURITIES LIMITED v BANK OF NEW ZEALAND [2016] NZHC 2827
- Citation
- [2016] NZHC 2827
- Court
- High Court
The interim injunction was refused because FTG failed to demonstrate a serious question to be tried on the validity of the s119 notice or on breach of the s176 or equitable duties, BNZ had a valid s119 notice and had taken reasonable steps to market the property and act in good faith, damages were an adequate remedy, and the balance of convenience strongly favored BNZ given FTG's delay and awareness of the sale.
- Mortgagee sale
- Interim injunction
- Duty of mortgagee to obtain best price (s176 pla)
- Notice under property law act ss119 and 121
- Good faith in exercise of mortgagee powers
- Priority of mortgages