28 Jun 2012
THE OFFICIAL ASSIGNEE V PISAREK HC WN CIV-2012-485-435
- Citation
- openlaw-8026afac_895d_41f3_977d_2d2c966a1f69.pdf
- Court
- High Court
The Court found the Riversdale bach interest was owned by Mr and Mrs Norkett personally, there was no concluded agreement at the time of the $90,000 advance that security would be given so s199 did not apply, and both were unable to pay their due debts when the security was granted; accordingly the statutory conditions of s198 were satisfied and the grant of the security interest dated 11 August 2010 was cancelled.