Adams and Another v Paul's Properties Limited - [1965] NZLR 161

Money and moneylending — Loan from moneylender to be applied in discharging existing liability of borrower — Whether mode of application a term of contract — Whether necessary to be included in memorandum — What terms required to be so included — To whom memorandum to be delivered — Whole loan including interest charged in advance to fall due on default in payment of any instalment — Whether increasing rate of interest — Whether illegal — Whether severable — Loan granted to repay existing loan — Amount of such existing loan including interest charged in advance — No rebate allowed for payment before due date — Interest in advance added to new loan — Whether charging of compound interest — Whether such charge severable — Application for declaration that illegal contract be enforceable — Principles on which Court's discretion to be exercised — Whether Court may impose terms — Moneylenders Amendment Act 1933, ss. 8, 9 — Statutes Amendment Act 1936, s. 55.