New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Mitigation of loss on resale

Legal area

Court

5 Aug 2019

JANES v BENNEY [2019] NZHC 1911

Citation

(2019) 20 NZCPR 722
Court

High Court

Judgment entered for vendor Kim Janes against purchaser Margaret Benney for damages of NZD 267,956.25 plus contractual interest from 5 December 2018 (14% p.a.) for breach by failure to pay deposit and resulting loss on resale; summary judgment against the real estate salesperson (Dan Reed) and agency (Unlimited Potential Limited) was refused because they have arguable defences and material factual issues requiring trial; Reed and Unlimited succeeded on their summary judgment applications against plaintiff Vatselias (no contractual or tortious liability); Unlimited Potential's counterclaim for…
30 Jul 2007

TANIA NATALIA MANA AND ROBYN ANNE JURY V WILLIAM ALEXANDER FLEMING AND CAROL ANN FLEMING CA CA246/06

Citation

openlaw-151b1739_5cb1_46c4_b60b_4346d10e278a.pdf
Court

Court of Appeal

The Court held cl 8.7(2) is governed by an objective standard and the Flemings breached it by failing to take all reasonably necessary steps to procure an acceptable sale within the time specified; contractual interest under cls 3.9 and 9.4 is recoverable on the unpaid portion of the purchase price (the full $860,000) from the original settlement date, the settlement notice did not waive rights to interest, the trust mitigated reasonably, and Judicature Act interest is payable on the judgment sum from the resale settlement date.