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Lawyers split on impact of ASB mortgage case precedent
['Ashley Parker']
BusinessDesk | NZ breaking news and commentary on business, NZX and politics
ASB mortgagee sale ruling could widen banks’ duty to get the best price.
(Image: Supplied)Senior lawyers are divided on the impact of a High Court ruling over a bank’s ability to sell a house from under its owners.
The High Court at Auckland on June 30 issued interim orders preventing ASB Bank’s $3.2 million mortgagee sale from proceeding for 15 working days.
In his ruling, Justice David Johnstone awarded married couple Jivan Jyoti Rahal and Davinder Singh Rahal a “final, time-limited opportunity to redeem” their mortgage, effectively allowing them to pay off the debt, before ASB could settle i...