National Bank of New Zealand Ltd v Development Finance Corporation of New Zealand - [1990] 3 NZLR 257

Company law — Debentures — Priority between debenture holders — Bank as first debenture holder had priority of $32,000 over finance company as second debenture holder — By correspondence finance company agreed to extend bank's priority subject to conditions which bank later ignored — Whether bank was entitled to extended priority.

Equity — Fiduciary relationship — Interest — Proceeds of receivership were held on trust for secured creditor — Whether creditor should be awarded interest at market rate.