27 Aug 2009
MUNRO AND ANOR V PERPETUAL TRUST LIMITED AND ANOR HC CHCH CIV-2009-409-001463
- Citation
- openlaw-65a1a7c8_e595_46b3_b91e_10d8f5c26233.pdf
- Court
- High Court
The court held that the trustee's notice of enforcement combined with trust deed clause 8.06(f) operated as the trustee requiring payment to it; the proviso to condition 3 was therefore triggered so condition 3 did not apply to prevent interest running after acceleration. Consequently interest accrues after appointment of receivers until full repayment and individual production of stock certificates is not a prerequisite for liability.