14 Nov 2017
PIONEER FINANCE LTD v GREEN CARS LTD [2017] NZHC 2782
- Citation
- [2017] NZHC 2782
- Court
- High Court
The court held the Prius was collateral under the security agreement because Personal Finance gave value, Lopez had sufficient rights in the Prius by virtue of his possession under a hire agreement (s 40(3)), and Lopez signed a written variation on 30 April 2015 expressly adding the Prius as additional security, satisfying s 36(1)(b) and s 40(1); therefore Green Cars had no ground under s 162(c) and the registered financing statement must be maintained.