Australian Guarantee Corporation (NZ) Ltd v Nicholson - [1996] 1 NZLR 167

Company law — Charge — Priority — Instrument by way of security to secure money advanced for purchase of machine — Subsequent debenture given to respondents over advances made by them to company — Second instrument by way of security executed contemporaneously to repay first instrument by way of security — Second instrument registered six weeks before first instrument discharged — Liquidation of the company 16 days later and machine sold — Whether holder of second instrument or respondents entitled to proceeds.