1 May 2013
MCCLOY V MANUKAU INSTITUTE OF TECHNOLOGY HC AK CIV-2013-404-001526
- Citation
- openlaw-c38bfb9f_31e9_4804_838a_14ecd3b30a4d.pdf
- Court
- High Court
Clause 16.7.1 of the construction contract created an in-substance security interest in Hobson Gardens upon Mainzeal's repudiation and cancellation, but BNZ held earlier perfected security interests by registration; BNZ did not expressly or impliedly authorize the transfer under s45, s53 did not apply because no ordinary-course sale occurred, and possession by seizure does not perfect under the Act; therefore BNZ's security interest has priority and the receivers are entitled to take possession and enforce BNZ's rights.