30 Jan 2006
SERVICE FOODS MANAWATU LTD (RECEIVERS) V NZARFD HC WN CIV-2005-485-1820
- Citation
- openlaw-3cc8b539_c6c4_4cd0_988f_48f75ab9ee28.pdf
- Court
- High Court
The written terms of trade created a purchase money security interest in goods supplied and their traceable proceeds; the Financing Statement registered by NZARFD describing collateral as 'all present and after-acquired property' complied with statutory and regulatory registration requirements and was not 'seriously misleading', so NZARFD perfected its PMSI and has priority to the goods supplied and their traceable proceeds; Service Foods must account for the value of the collateral.