15 Dec 2015
CBI COMPANY LIMITED v D & E BUSES LIMITED [2015] NZHC 3205
- Citation
- [2015] NZHC 3205
- Court
- High Court
A mortgagee is within the statutory concept of proprietor and may use s145A; CBI failed to establish a reasonably arguable caveatable interest because the 4 March 2014 agreement was uncertain and unenforceable (defective purchaser entity, lack of required formal assignment/consideration, conditional collateral agreements and intervening liquidations), CBI could not effect settlement, and DNA purchased for value in good faith and took possession and expended substantial funds; accordingly CBI's caveat was not sustainable and the application to prevent lapse was dismissed.