Supreme Court will hear GE appeal over Blue Chip ruling

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The Supreme Court granted GE leave to appeal a Court of Appeal ruling that the financial services firm’s loan to a Whangarei couple was oppressive under the Credit Contracts and Consumer Finance Act.

Thursday, August 5th 2010, 10:03PM 1 Comment

The court will let GE, and Bruce and Dorothy Bartle address their written submissions, though they will not be able to extend arguments to relief if the appeal is dismissed.

In May, the Court of Appeal ruled the Bartles $630,000 loan from GE, which was taken out to buy a Blue Chip investment property, was oppressive under the act.

The pensioners' loan was secured on their family home as well as the investment property, and when Blue Chip went belly-up, they faced a mortgagee sale of the house to repay the outstanding amount owed to GE.

The Bartles lost their case in the High Court, but one on appeal.

The case will be heard in Wellington at the Supreme Court in October.

To find out more about the Bartle case and what it means for lenders and brokers read the latest issue of the NZ Mortgage Magazine

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