17 Dec 2010
GIBSON AND STIASSNY V STOCKCO LIMITED AND ORS HC AK CIV-2009-404-7120
- Citation
- openlaw-f4cb6329_2a8b_4410_94e7_0540d06a6a86.pdf
- Court
- High Court
On an objective assessment of all circumstances the Court held the 1 August 2008 sale of 4,000 yearling heifers was not in Plateau's ordinary course of business and was not expressly or impliedly authorised by the Banks; accordingly the Banks' security survived the sale. Alternatively, had title passed, StockCo failed to protect its position because it had notice of the April 2009 bailment and did not register the required financing change statement within 15 days and further bank advances between May and October 2009 subordinated StockCo's interest under s88; where StockCo's cows were interm…