New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Attachment of security interests

Legal area

Court

14 Jun 2007

CHRISTINE MARGARET DUNPHY AND IAIN BRUCE SHEPHARD V SLEEPYHEAD MANUFACTURING COMPANY LIMITED CA CA63/06

Citation

openlaw-8b76d5ef_573a_4c78_bc36_afdb51a0d9fa.pdf
Court

Court of Appeal

A liquidator is to be regarded as acting for the company (an agent/alter-ego) for the purpose of ss 36 and 40 PPSA so Sleepyhead's security interest attached for enforcement between Sleepyhead and King Robb; although the liquidators were entitled to act as BNZ's agents in realising charged assets (so not liable for conversion of goods), they were obliged to account to Sleepyhead for the identifiable surplus under s 117 PPSA, and summary judgment for the surplus was proper.
27 Oct 2005

NEW ZEALAND BLOODSTOCK LTD & ANOR V WALLER & AGNEW & ANOR CA CA269/04

Citation

openlaw-f712154a_6abe_4dd9_91dd_82977ea47cc9.pdf
Court

Court of Appeal

Majority held that for PPSA priority purposes a lease for more than one year can constitute a security interest; Glenmorgan acquired statutory 'rights in goods' and Lock's debenture (covering present and future assets) and registration on 1 May 2002 perfected a security interest that attached to the stallion; a perfected security interest therefore took priority over New Zealand Bloodstock's unperfected retained title, so summary judgment for Lock as to possession was upheld and the appeal and cross-appeal were dismissed.