An accountant has been told to repay her elderly parents more than $360,000 borrowed without a written record of the terms.
Colleen Warin said the money borrowed from her parents Marian and Trevor Warin was only to be repaid as her circumstances allowed.
But an associate judge in the High Court at Wellington has found Colleen Warin failed to pay, despite repeated requests, and had no defence to the claim for $367,903.90.
The judge said she should pay the amount back plus interest, and an unspecified amount of costs.
The elderly couple transferred all of their property in Te Puke to their daughter.
In return they received an acknowledgement that the daughter owed them $100,000, and an apparently oral agreement that she would build a "home for life" for them on the property.
In 2011, the land was subdivided and the house the Warins were living in was sold, so they moved to the remaining part of the land.
Then that was sold too.
They also lent their daughter $141,000 to pay a GST debt incurred as a complication of the sale process.
Then between 2010 and 2014, they lent her another $126,154.20 in 23 installments.
Source: stuff.co.nz
