28 May 2012
GIBBSTON DOWNS WINES LIMITED AND RFD FINANCE NO 2 LIMITED V PERPETUAL TRUST LIMITED HC CHCH CIV-2010-409-001716
- Citation
- openlaw-4e01f6ba_0c48_40c6_92e7_cb30a426ea22.pdf
- Court
- High Court
The recorded expiry date on the register did not override the parties' contractual subordination under s70; the parties agreed C+M would hold priority until its advance was repaid or the security discharged, so the subordination remained in force when receivers were appointed and the first defendant's interest had priority.