IFC Securities Ltd v Sewell - [1990] 1 NZLR 177

Commercial law — Credit contracts — Disclosure requirements — Finance company lent money to seven borrowers — Copies of executed loan agreement were sent to common address with acknowledgement of receipt which each borrower signed — Whether provisions as to disclosure had been complied with — Credit Contracts Act 1981, ss 20 and 21.

Contract — Defences — Non est factum — Finance company lent money to borrower who initialled loan agreement as borrower and covenantor — Borrower, who was mature and no stranger to business, contended that he had signed as covenantor only and mistake had occurred — Whether defence of non est factum applied.

Practice and procedure — Judgments and orders — Interest on judgment pursuant to contract — Loan agreement provided that, if lender obtained judgment against borrower for any sum payable pursuant to the agreement, the borrower shall pay to the lender interest on the sum for which judgment is obtained at a penalty rate of 29% from the date of judgment until the date of payment of such sums — Judgment was given for lender for principal sum plus interest owing under the loan agreement — Whether interest after judgment could be awarded at 29% on the whole judgment sum or only on the principal sum — Whether terms of loan agreement prevailed over s 87 of Judicature Act 1908.