14 Mar 2023
MAGINNESS v TINY TOWN PROJECTS LIMITED (in liq) [2023] NZHC 494
- Citation
- [2023] NZHC 494
- Court
- High Court
Property had not passed to the purchasers at liquidation because the contracts made completion contingent on obtaining a CCC and the homes were not in a deliverable state; s 53 PPSA did not apply; purchasers (both fully and partly paid) are entitled to equitable liens over their respective partly completed tiny homes to the extent of purchase monies paid, those equitable liens sit outside the PPSA by operation of s 23(b); no institutional constructive trust was imposed; the Warmerdams' $46,430 post-liquidation payment is to be returned.