McKay v Peak Rogers Solicitors Nominee Co Ltd - [1989] 1 NZLR 129

Property law — Mortgage — Solicitor's authority to receive advance on mortgagor's behalf — Mortgagor's solicitor arranged loan on mortgage through solicitors' nominee company and placed advance on short term deposit with bank pending mortgagor's acquisition of title — Title did not become available and solicitor withdrew deposit and repaid mortgage — Mortgagee obtained summary judgment for difference between interest payable under mortgage and interest received on deposit — Mortgagor sought to set aside judgment on ground that transaction had not been completed — Whether mortgagee had relinquished control of the money — Whether transaction had been sufficiently completed — Whether summary judgment should be set aside.