28 May 2015
SOUTHLAND BUILDING SOCIETY v PRICE [2015] NZHC 1164
- Citation
- [2015] NZHC 1164
- Court
- High Court
The Court held that the defendant did not raise any arguable breach of the s176 duty by the mortgagee. SBS and the receivers took reasonable, commercially justified steps (professional advice, marketing, valuations, tender process, remediation costs) from decision to sell to sale; criticisms were unarguable or unsupported by evidence; actions of receivers in relation to the vineyard could not be imputed to SBS beyond the land sale. Accordingly summary judgment was entered for the plaintiff against the second defendant for the amount ordered.