21 Feb 2013
FINANCE AND LEASING LIMITED (IN RECEIVERSHIP) V ASHGROVE HOLDINGS CHRISTCHURCH LIMITED HC CHCH CIV-2012-409-000182
- Citation
- openlaw-2cb61679_6625_43b1_88c9_987b3210f800.pdf
- Court
- High Court
On the mortgage wording and the whole commercial arrangement the plaintiff (Finance and Leasing) was an "accommodated person" and the advances by Ashgrove fell within the definition of secured moneys; Harewood authorised direct payments to Finance and Leasing so direct payment did not defeat the mortgage security; accordingly Ashgrove was entitled to judgment on its counterclaim and the plaintiff's declaration was dismissed.