Barber v Barber - [1989] 2 NZLR 641

Property law — Mortgage — Construction — Interest review clause — Mortgagee had right to increase rate of interest in 10 year mortgage after first five years — Right was not exercised until two and a half years after commencement of second five year period — Whether right had to be exercised at date it accrued or within a reasonable time thereafter — Whether increase should relate back to commencement of period or date from giving of notice — Whether demand for and payment of interest at lower rate prior to giving of notice amounted to waiver — Whether mortgagee was precluded from seeking increase by application of doctrine of election — Appeal from [1987] 1 NZLR 426.