16 Mar 2016
MCINTOSH v FISK AND ANOR [2016] NZCA 74
- Citation
- [2016] 2 NZLR 783
- Court
- Court of Appeal
The Court held that the appellant gave value only for the antecedent capital element ($500,000) because RAM's misappropriation created a debt which was discharged pro tanto on payment, but the $454,047 fictitious profits did not correspond to any quantifiable antecedent liability or real value and must be repaid; the alteration of position defence fails because the appellant did not prove a causal detrimental change of position a reasonable person would have held in reliance on the payment.