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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22681
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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If a person has signed a form to remove their interest

Customer Question

Hello. If a person has signed a form to remove their interest in a holding but the transaction has not been completed and there name is ***** ***** on a public form as being and interested party would this give them grounds to take legal action against the remaining interest if they felt value was increased while it was still in their name.
Cheers
Blair
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.
It would help if I knew what sort of holding this was, and what sort of documents you signed. I can then be more definite about your rights.
Customer: replied 1 year ago.
Hello it is an interest in a mine permit.they singed a typed letter saying they wished to release there intrest to my self and they singed an official goverment application form saying they wished to be removed from the permit. but the application took 12 months to be prosecced in which time it was displayed as having them as as being interested partys . I am after an anwser to wether they could take legal action toward my self win or loose under New Zealand law
Thanks
Expert:  Chris The Lawyer replied 1 year ago.
Usually when you transfer a right like this it takes place as at the date of the assigning this to you. Even though the process may have taken some time, their interest likely passed when they agreed to sign this over to you.
Customer: replied 1 year ago.
Ok but Could they take legal action towards me if they felt they had grownds to do so
Expert:  Chris The Lawyer replied 1 year ago.
They would have some difficulty in making a claim against you for increased value, because they intended to release the interest at the time they signed the form. So title passed at that time, even if the registration was not completed.

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