22 Jun 2017
TERRY SCHWASS COMPANY LTD AND JILL SCHWASS COMPANY LTD v DONNA LEE MARSH AND ANDREW TERENCE SCHWASS [2017] NZHC 1382
- Citation
- [2017] NZHC 1382
- Court
- High Court
The plaintiffs proved on the balance of probabilities that the $910,000 advance was intended as a loan: contemporaneous solicitor correspondence, draft loan and guarantee documents, a registered caveat described as an 'agreement to mortgage', accounting entries recording the advance as a loan, admissions by Andrew and accountant memoranda collectively demonstrate plaintiffs' intention; the oral agreement to mortgage is enforceable by s26 PLA via the doctrine of part performance because the funds were advanced to complete the purchase and acts and documents point to an agreement to mortgage; n…