30 Aug 2006
BURMEISTER V O'BRIEN & ORS HC TAU CIV 2005-470-396
- Citation
- openlaw-92a7ef7c_e79f_467f_be1f_6b6c77a1f958.pdf
- Court
- High Court
The ASB mortgage was not a security interest taken in connection with the pleaded buy-back transaction within s119 CCCF Act because the loan and mortgage secured an independent purchase loan of the trustees and ASB had no knowledge or participation in the buy-back scheme; the CCCF Act does not impliedly override indefeasibility in favour of innocent financiers absent express words; knowledge of the sixth defendant (solicitor) cannot be imputed to ASB to invoke the fraud exception; accordingly the pleading discloses no reasonable cause of action against ASB and cannot be cured by amendment, so…