15 Jul 2011
NICHIBO TRADING COMPANY NEW ZEALAND LIMITED V LUCICH & ANOR HC AK CIV-2010-404-3869
- Citation
- openlaw-01ef34b4_36bb_4434_8307_bce1850c951a.pdf
- Court
- High Court
On the facts the Court found both respondents purchased the Pajero in the ordinary course of Baja's used car business, provided value, and did not know the sale constituted a breach of the vehicle supply and security agreement between Nichibo and Baja; accordingly s53 applied and the respondents took the Pajero free of Nichibo's security interest, so the application to maintain the financing statement failed.