Lester v Greenstone Barclay Trustees Ltd - [2010] 3 NZLR 67

Commercial law — Securities Act 1978 — Sale of land funded by investment products — Seller of investment products separate entity from vendor — Whether products were “debt security” or “equity security” — Whether vendor of land “issuer” of security — Whether any security ancillary to sale of land — Whether exemption from Securities Act 1978 applied — Land Transfer Act 1952, s 66.

Contract — Illegal contract — Sale of properties funded by investment company separate from vendor — Whether vendor of land had knowledge of illegality by investment company — Whether sale of properties tainted by illegality of investment products — Whether knowledge of sales agents of investment company attributable to vendor — Securities Act 1978.