Anderson v Burbery Finance Ltd - [1986] 2 NZLR 20

Commercial law — Credit contracts — Oppressive — Non-disclosure of terms — Power of Court to reduce penalty under the Act — Businessman borrowed money from finance company from July 1982 to his accidental death in October 1983 — Executors of his will claimed that the controlled credit contracts were oppressive because the correct finance rate was not disclosed in the loan documents, a penalty clause had been included, the penalty interest specified was too high, and the finance company had failed to discharge the mortgage until the dispute had been resolved — Whether adequate disclosure of terms — Whether contract was oppressive — Whether Court should exercise its discretion to reduce the penalty provided by the Act for non-disclosure of terms — Credit Contracts Act 1981, ss 9, 15, 21, 25, 26, 32 and 40.