Settlement

SETTLEMENT PROCEDURE REQUIREMENTS

These are our settlement requirements. If you wish to vary them in any way, please make your request in writing to us (prior to settlement) for consideration. If you seek to use a different settlement procedure without our prior written agreement, we will not settle.

1.      Timelines

1.1    Confirmation of payment:

If confirmation of payment is received after 4:00 pm whether from yourself or, where applicable, the paying bank we reserve the right to defer settlement to the following business day.

We also reserve the right, on behalf of our client and in accordance with any applicable contractual entitlement, to charge penalty interest.

1.2   Penalty interest:

Any penalty interest charged is to be paid on settlement for settlement to occur.

2.      Our trust account number:

Our trust details are 12-3196-0011900-02

ASB Bank New Zealand Limited, Dunedin

3.      Partner’s undertaking required:

In all instances, we require a solicitor’s undertaking in the following form from a Partner or the Principal of your firm.

Heading – Partner’s name and any other details required to identify the transaction

We personally undertake that we have paid into your solicitors trust account with ASB Bank New Zealand Limited, Dunedin Branch New Zealand (account number 12-3196-0011900-02) at ___________________am/ pm today the sum of $_______________ by way of [insert method of payment], and that this payment is cleared funds which will not be reversed by us.

The following evidence of payment is attached: Payment details.

4.      Acceptable methods of payment

4.1   We will accept the following forms of payment:

(a) electronic funds from a New Zealand bank ONLY via the following system and as specified below

(i)    ANZ – with emailed confirmation from your bank before 4pm.

(ii)   ASB Fastnet/ PTAG

(iii)   Westpac SCP – with emailed confirmation from your bank before 4pm.

(iv)  BNZ Same Day Cleared Payments (SCP) – with emailed confirmation from your bank before 4pm.

Every other form of electronic funds transfer is NOT ACCEPTABLE; including credit cards, BNZ direct credit and IB4B.

Additional requirements for electronic funds transfer from a New Zealand bank

5.1   Please complete your electronic funds transfer with the following information:

(a)   the settlement amount;

(b)   our trust account number 12-3196-0011900-02

(c)   our address: Victoria Chambers – Level Two, 7 Crawford Street, Central Dunedin, Dunedin 9016, Otago, New Zealand;

(e)   the name of the solicitor/legal executive at Wesley Jones Law that is acting on the transaction;

(f)    in the particulars field our matter number as appears on our settlement statement; and

(g)   the name of the parties to the transaction and the property concerned.

5.2   Please email us your solicitors undertaking immediately after you transmit your batch.

5.3   In all electronic settlements, with the exception of ASB Fastnet/ PTAG, payment will be deemed to have occurred when we receive Bank notification addressed to us confirming:

(a)   that payment has been made to out trust account and

(b)   payment is in cleared funds and will not be reversed.

5.4   Please note: a copy of any bank documentation of payment addressed to YOU is not acceptable – with the exception of ASB Fastnet/PTAG.

6.      Trust Account Verification

Due to increased cyber-security risks please call us on settlement to phone verify our trust account details attached are correct.

We accept no responsibility if the incorrect trust account number is provided and funds are subsequently transferred to the incorrect account.

Thank you and we look forward to hearing from you