30 May 2011
BODY CORPORATE 198072 V BANK OF NEW ZEALAND HC AK CIV 2010-404-2932
- Citation
- openlaw-3a531506_e743_4fb8_a4c6_7b9b92e443a2.pdf
- Court
- High Court
The Court will not approve scheme provisions that empower a body corporate to seek court orders directing sale of a proprietor's unit in a manner that would impair or derogate from a registered mortgagee's priority; such provisions are inconsistent with established mortgagee rights and are unlikely ever to be effective. The Columbia Apartments' purported rule amendments of 30 September 1999 are a nullity because they pre‑dated deposit of the unit plan; accordingly default statutory rules apply. Given the building's unusual configuration and the prior member compromise, the blended cost alloca…