31 Oct 2007
CLUB SECURITIES LTD V HURLEY HC AK CIV 2006-404-003221
- Citation
- openlaw-169f45bc_7a16_476c_aa2d_263bcd1a6110.pdf
- Court
- High Court
The instrument signed by Hurley was a promissory note within s84 Bill of Exchange Act 1908 despite using the word 'by' because the time for payment was determinable and the option to pay earlier did not create a disqualifying contingency; defences based on the underlying share purchase (misrepresentation, Fair Trading Act, Contractual Remedies Act or Securities Act irregularities) do not defeat an action on the note except in cases of total or quantified failure of consideration or fraud; accordingly summary judgment for Club for $120,000 plus interest was appropriate, subject to a conditiona…