10 Aug 2020
FTG SECURITIES LIMITED v CROWN ASSET MANAGEMENT LIMITED [2020] NZHC 2007
- Citation
- [2020] NZHC 2007
- Court
- High Court
FTG did not obtain an effective equitable assignment of CAML's rights under the Priority Deed because clause 15 plainly prohibited transfer of any interest or right in the Secured Party's securities without the other Secured Party's prior approval of the form of the assignee's agreement; that prohibition extended to equitable assignments and prevented FTG acquiring enforceable contractual rights against BNZ. FTG is also disentitled to equitable relief by reason of its deliberate participation in the breach (clean hands). However, insofar as CAML retains proceeds and the Transfer Deed remains…