The recent Court of Appeal decision of Marac Finance Limited and O’s v M J Greer (CA220/2011) concerned the priority over rental income between, on the one hand, the holder of a perfected security interest under the Personal Properties Securities Act 1999, and on the other hand, the first-ranking mortgagee over the leased properties who [...]
The recent High Court decision in AXA New Zealand Nominees Ltd v 10 Gilmer Ltd (in rec) (HC, 6/12/2011) explained the issue of oppressive conduct in the context of a lender under a credit contract (including, but not limited to, consumer credit contracts). Section 118 of the CCCFA defines “oppressive” as “oppressive, harsh, unjustly burdensome, [...]
The inclusion of special conditions in a sale and purchase agreement, the satisfaction of which has the effect of triggering an unconditional agreement, ought to be approached with caution before signing any document. In Love v Auburn Apartments Ltd (CA22/2/2012), Love challenged whether the High Court correctly interpreted special condition 39, which stated that the [...]