Maginness v Tiny Town Projects Ltd (in Liquidation) - [2023] 2 NZLR 828

Commercial law — Personal property securities — Priority interests — Purchase money security interests — Contract for sale of pod buildings — Company in liquidation — Payment by purchasers — Agreement for sale not “sale” until Code Compliance Certificate issued — Whether purchasers able to take incomplete pods free of any security interest — Whether title passing to purchasers or retained by company — Transfer of property at a future time — Default rules apply — Not in a deliverable state without Code Compliance Certificate — Property remained with the vendor — Purchasers not protected by s 53, Personal Property Securities Act 1999 — Personal Property Securities Act 1999 s 53.

Commercial law — Personal property securities — Equitable lien — Institutional constructive trust — Purchase money security interests — Contract for sale of pod buildings — Company in liquidation — Payment by purchasers — Tiny homes specifically allocated to individual purchasers — Equitable lien attaches for purchase money paid — Operation of law — Not consensual — Common law preserved — Security interest — Personal Property Securities Act 1999 s 23(b).