26 Feb 2010
TUBBS AND ANOR V RUBY 2005 LIMITED HC TIM CIV-2009-476-000615
- Citation
- openlaw-211ae076_71d7_4aa3_b8c7_f7316c69d9a7.pdf
- Court
- High Court
The 2005–2008 sales between Waimate and Ruby were habitual sales in the ordinary course of Waimate's business so s 53 PPSA applies and Ruby took title free of ANZ's security; the October 2009 movements were performance of those sale contracts (appropriation of goods to the contract) and did not convert Ruby into a creditor nor negate its title; there is no tenable serious question that the directors breached fiduciary duties giving rise to a constructive trust, therefore no basis for interim injunction.