Tong v ANZ Bank New Zealand Limited

[2015] NZHC 1621

IN THE HIGH COURT OF NEW ZEALAND AUCKLAND REGISTRY

CIV-2015-404-001151 [2015] NZHC 1621

BETWEEN

YUELEI TONG

Plaintiff

AND

ANZ BANK NEW ZEALAND LIMITED First Defendant (Struck Out)

YEWEN WANG Second Defendant

Hearing:	8 July 2015
Appearances:	Ross Dillon for the Plaintiff No appearances for the Second Defendant
Judgment:	10 July 2015

JUDGMENT OF MOORE J

This judgment was delivered by me on 10 July 2015 at 3:00pm pursuant to Rule 11.5 of the High Court Rules.

Registrar/ Deputy Registrar

Date:

TONG v ANZ BANK NEW ZEALAND LIMITED & ANOR [2015] NZHC 1621 [10 July 2015]

[1]      The  plaintiff  in  this  proceeding  seeks  an  order  for  specific  performance against the second defendant for an agreement for sale and purchase of land.  There are also issues relating to a claim of compensation by the plaintiff which it seeks to set off against the purchase price.  The second defendant has not filed a statement of defence, and this matter is proceeding by way of formal proof.

[2]      Because of the time limits prescribed for certain notices under the Property Law Act 2007, there is some urgency in the present application.  For this reason, this judgment will set out my decision on certain points, with reasons and decisions on the remaining issues to follow.

[3]      I  hereby  order  specific  performance  of  the  agreement,  subject  to  the following conditions:

(a)      the purchase price is to be reduced by any amount paid or still payable to the first defendant under the mortgage which was transferred pursuant to the earlier decision of Duffy J; and

(b)of any amount to be paid to the second defendant, the first $200,000 is to be placed in the trust account of the second defendant’s solicitor, to be held on trust until the determination of the compensation claim.

[4]      I grant leave to any party to apply for any further orders necessary to give effect to this judgment.

Moore J

Solicitors:
Mr Dillon, Auckland