29 Jul 2016
NAGS HEAD HORSE HOTEL LTD v MAWHINNEY & ORS [2016] NZHC 1740
- Citation
- [2016] NZHC 1740
- Court
- High Court
On the evidence the applicant holds a first registered mortgage that secures a current debt, valid s119 notice was served on the current mortgagor, and the mortgagor is in default; therefore the Court grants the mortgagee an order deeming it mortgagee in possession from the date of application and authorises sale with specified safeguards including marketing under proposed plan, court approval of tender, and conditional permission for mortgagee purchase only after two forced sale valuations and court approval.