11 Dec 2018
100 INVESTMENTS LIMITED v IAG NEW ZEALAND LIMITED [2018] NZHC 3244
- Citation
- [2018] NZHC 3244
- Court
- High Court
100 Investments is entitled to the outstanding insurance proceeds because PFSL, as first mortgagee, held an assignable accrued contractual right to insurance proceeds (included as 'land proceeds' in the mortgage) at the time of damage and validly transferred those rights to 100 Investments by exercising its power of sale; liquidation of the mortgagor did not affect those secured rights and the purchaser takes the property and proceeds free of prior mortgages, so 100 Investments may settle and retain the insurance proceeds.