8 Feb 2018
KUMAR v WENDT [2018] NZHC 72
- Citation
- [2018] NZHC 72
- Court
- High Court
The Court found that the Kumars were registered as proprietors solely to assist Wendt and Fuimaono to obtain finance and did not intend to acquire beneficial ownership; that Wendt and Fuimaono assumed responsibility for mortgage repayments and the Kumars did not act as commercial investors or document any commercial arrangement, thereby rebutting the presumption of title. Consequently the beneficial ownership lay with Wendt (and Fuimaono), entitling Wendt to the bulk of the net sale proceeds, except for specific sums treated as part of the property or personal funds ($6,395.63 included; $10,0…