Long v ANZ National Bank Limited

The Supreme Court of New Zealand was asked to decide whether the applicant, Reginald Robert Long, could appeal against the decision of the Court of Appeal in relation to a dispute with ANZ National Bank Limited. The applicant had guaranteed a debt owed by a related company to the respondent, which was secured by a mortgage over a property. After the property was sold by the respondent, leaving a shortfall, the respondent obtained summary judgment against the applicant for the amount owed. The applicant’s challenge to this judgment was dismissed by the Court of Appeal. The primary legal issue before the Supreme Court was whether the respondent complied with its duty under s 176(1) of the Property Law Act 2007 to take reasonable care to obtain the best price reasonably obtainable as at the time of the mortgagee sale of the property. The Supreme Court found that the proposed appeal did not raise any point of public or general importance, and that the arguments had been thoroughly investigated in both the High Court and Court of Appeal. The Court concluded that the answers to those arguments given by both Courts were convincing, and that there was no appearance of a miscarriage of justice. Therefore, the application for leave to appeal was dismissed. The Court also reserved costs, with the respondent to submit a memorandum within seven days as to the costs sought, and the applicant to reply within a further seven days.