12 Dec 2013
BANK OF NEW ZEALAND v WAEWAEPA STATION 2002 LIMITED [2013] NZHC 3321
- Citation
- [2013] NZHC 3321
- Court
- High Court
On Te Rimu's default the Bank obtained an immediate right to possession; Waewaepa's retention and refusal to return the sheep constituted conversion; the transfer was not a sale in the ordinary course of Te Rimu's business and was engineered by a director on both sides who knew the transaction defeated the Bank's security, so defences under ss 45 and 53 PPSA fail; summary judgment awarded to the Bank for the minimum established value of the sheep and interest, GST excluded from damages.