New Zealand Case Law: Decisions & Judgments | LexChat

New Zealand Case Law

Interest on unpaid purchase price

  • 1 Apr 2010

    PERKINS & ORS V WHANGAREI CITY ASSEMBLY OF GOD TRUST BOARD HC WHA CIV 2010-488-000065

    Citation
    openlaw-a9f85221_c10e_4cab_96d9_447c5f065acd.pdf
    Court
    High Court

    Defendant has no arguable defence: the purchaser identity was established, the trustees had authority and were ready to settle, the second settlement notice and subsequent cancellation were valid, damages are assessed at date of breach and therefore plaintiffs are entitled to summary judgment for the contractual loss and specified interest and costs.

    • Breach of contract
    • Settlement notice and time of the essence
    • Damages for loss of bargain
    • Summary judgment
    • Interest on unpaid purchase price
    • Residual judicial discretion

  • 21 Nov 2005

    CAIRNS V MCNEILAGE AND ANOR HC PMN CIV-2005-454-322

    Citation
    openlaw-f7b9819a_bbfa_4d44_861b_9a8b0fc823a8.pdf
    Court
    High Court

    Trial judge's factual determinations were open to him and this Court will not disturb them; vendor's failure to provide a proper settlement statement constituted vendor default so contractual interest did not run from settlement and interest is awarded from date of judgment at statutory rate; purchaser's equitable set-off for ACC claims was not proven to a sufficient degree and loss-of-chance value was negligible; commercial nature of contract precluded damages for distress; appeals dismissed except limited costs variation in District Court.

    • Sale of business
    • Settlement statements
    • Set-off and equitable set-off
    • Interest on unpaid purchase price
    • Costs
    • Damages for distress