19 Apr 2007
NEW ZEALAND BLOODSTOCK LEASING LTD AND ANOR V JENKINS AND ORS HC AK CIV 2004-404-5795
- Citation
- openlaw-f2067e09_e472_4eb6_9159_de93bdee15ad.pdf
- Court
- High Court
The Court held that NZB Finance was entitled to judgment: the Finance Guarantees were not discharged by failure to register because (1) the LPA2 PMSI opportunity was lost before the Finance Guarantees became enforceable and the refinancing extinguished the original LPA2 PMSI, (2) the guarantees contained express clauses making guarantors principal debtors and excluding discharge for loss or alteration of security, and (3) no express or implied contractual term or condition precedent imposed on NZB Finance an obligation to perfect or maintain the securities; equitable and negligence defences a…