5 Aug 2016
PRIEST v ROSS ASSET MANAGEMENT LIMITED (IN LIQUIDATION) [2016] NZHC 1803
- Citation
- (2016) NZCLC 98
- Court
- High Court
The Court held the Priests were the equitable owners of the Priest Holdings held by RAM and Dagger as bare trustees; the Other Investors could not trace their funds into the Priest Holdings and therefore had no proprietary claim to those shares; Clayton's Case and collective tracing theories did not displace the Priests' beneficial title over shares (intangible, fungible assets) and the Nessock transfers effected by the Priests were valid; declaratory relief and transfer orders in favour of the Priests were granted.