23 May 2011
RABOBANK NEW ZEALAND LIMITED V ROBERT MCANULTY, SIR PATRICK HOGAN, RICHARD CHUNG YEE HUI, PETER HAK YUNG YIP, PETER EGAN, JAMES LIM, CARL HOLT (COLLECTIVELY THE "FEBRUARY SYNDICATE") COA CA617/2010
- Citation
- COA CA617/2010
- Court
- Court of Appeal
The bailment of the stallion was not a 'lease for a term of more than 1 year' under s16(1)(i) because the Syndicate was not in the business of leasing/bailing goods with intent to profit and the statutory exception for lessors not regularly engaged in the business applied; consequently the Syndicate's interest was not a security interest under the PPSA and Rabobank's PPSA priority argument failed. The Court dismissed the appeal and upheld the refusal of summary judgment on that basis.