New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Intervening events clause

Legal area

Court

13 Sept 2012

MASEFIELD MALL LIMITED V GASSON STREET PROPERTIES LIMITED HC CHCH CIV-2012-409-001616

Citation

openlaw-fe99ad7b_4352_4297_aa0a_c20e40cbbed9.pdf
Court

High Court

Clause 21.5 of the Gasson agreement must be construed to preserve the mortgagor's equity of redemption until the settlement date specified in the agreement; the unconditional sale by Masefield to Dragonwood on 1 June 2012 therefore amounted to a sale by "any other party" under cl 21.5(b), permitting Guardian Trust to validly cancel the Gasson agreement on 19 June 2012; Gasson Street failed to demonstrate a reasonably arguable interest to support its caveat and the caveat must be removed.
20 May 2011

ASB BANK LIMITED V CRAIG ALEXANDER URQUHART HC AK CIV 2010-404-006913

Citation

openlaw-1163f820_a9fc_41be_af7f_e7f7c316111c.pdf
Court

High Court

Summary judgment was granted because ASB fulfilled the duties under s176 by obtaining valuations, conducting competent marketing and a proper auction, the unconditional contract entered 29 April 2010 terminated any obligation to rescind or delay settlement, the alleged refinance was conditional or expired and the intervening events draft clause did not impose a continuing duty; consequently the defendants had no arguable defence and the CCCFA oppression claim failed.