29 Nov 2018
GRAY v BAST HOLDINGS LIMITED [2018] NZHC 3116
- Citation
- [2018] NZHC 3116
- Court
- High Court
The application was dismissed because the MOU and surrounding circumstances showed the parties intended returns to be delivered by shareholding in the special purpose company (BAST) not by conferring beneficial interests in the land itself; accordingly Mr Gray could not show a reasonably arguable claim to a resulting or constructive trust in the properties and Mahon v The Station at Waitiri establishes that an agreement for shares cannot found a caveatable interest in company land.