Elders Pastoral Ltd v Bank of New Zealand - [1991] 1 NZLR 385

Property law — Mortgage — Instrument by way of security — Bank having security over farmer's stock — Sale of stock to agent to whom money owing by farmer — Whether clause contained instrument creating an equitable assignment of the proceeds of sale — Whether stock agent deemed to have notice of contents of instrument — Whether bank entitled to recover proceeds — Chattels Transfer Act 1924, ss 4(1), 50 and 54; fourth schedule, cl 9.