29 Nov 2011
WESTPAC NEW ZEALAND LIMITED V LYNN PROPERTY INVESTMENTS LIMITED & ORS HC TAU CIV-2011-470-294
- Citation
- openlaw-67a55eb7_876d_41c2_a892_64b61734d702.pdf
- Court
- High Court
Defendants failed to demonstrate any reasonably arguable defence: Westpac took reasonable commercial steps (obtained a registered valuation, invited marketing proposals, appointed a reputable agent and ran an auction) such that there was no proper evidential basis to infer breach of s 176; the plaintiff's verification of assignment by operation of the Westpac New Zealand Act stood unchallenged; CCCFA did not apply to the original loans; refusal to permit rebuttal affidavits did not cause unfairness. Summary judgment for the plaintiff was therefore appropriate.