27 Jul 2011
TUBBS AND GOWER (AS RECEIVERS OF WAIMATE TIMBER PROCESSING LIMITED) V RUBY 2005 LIMITED HC TIM CIV-2009-476-000615
- Citation
- openlaw-5d07be3e_d6ab_47c8_a7e9_0934429bfc52.pdf
- Court
- High Court
On the proved facts the timber involved in the October 2009 transactions was owned by Ruby (earlier converted stock had been replenished by early September 2009) and the sales were in the ordinary course of Waimate's business; accordingly s 53 PPSA applied and the proceeds were not subject to ANZ's security interest; plaintiffs' claims, including constructive trust, fail.