12 Feb 2008
SEGARD MASUREL (NZ) LTD V NICOL & ORS HC AK CIV 2007-404-003603
- Citation
- openlaw-80bee081_d16f_4288_8d74_ddb420594d8e.pdf
- Court
- High Court
The Court held that the wool was unconditionally appropriated and delivered such that property passed on delivery under Rule 5(1) of s20 Sale of Goods Act 1908; accordingly appellant was an unsecured creditor and the appeal failed. Alternatively, had title been retained an agreement to sell subject to retention of title would have created a security interest under s17 PPSA which the appellant failed to perfect and which would be subordinate to the banks' registered debenture.