1 Mar 2017
THE KOHIMARAMA TRUST LIMITED v THE MELANESIAN MISSION TRUST BOARD [2017] NZHC 298
- Citation
- [2017] NZHC 298
- Court
- High Court
The vendor was entitled to effect transfer of its registered encumbrances by standard e-dealing and was not contractually required to procure fresh unsigned memoranda from owners who took title subject to existing encumbrances; therefore the vendor was in all material respects ready, willing and able to settle when serving the valid settlement notice, the purchaser failed to settle or lodge a timely compensation claim, the vendor validly cancelled the contract, and the purchaser's caveats no longer protected any equitable interest and must lapse.