27 Sept 2010
GLENMORGAN FARM LIMITED (IN RECEIVERSHIP AND IN LIQUIDATION) V NEW ZEALAND BLOODSTOCK LEASING LIMITED, NEW ZEALAND BLOODSTOCK FINANCE LIMITED AND NEW ZEALAND BLOODSTOCK PROGENY LIMITED HC AK CIV-2008-404-1759
- Citation
- openlaw-14e1e857_7c8f_49de_a181_697bb366df64.pdf
- Court
- High Court
LPA2 was extinguished upon repayment on 28 March 2004 and was replaced by separate refinancing security; defendants' failure to register under the PPSA produced loss of priority to Lock but did not cause loss of title or a total failure of consideration for Glenmorgan; Glenmorgan was in default under the Contract for Current Advances and therefore could not establish wrongful repossession or conversion; plaintiff's claims dismissed and defendants' counterclaim allowed for $2,221,796.14.