Rural Banking and Finance Corporation of New Zealand Ltd v Official Assignee - [1991] 2 NZLR 351

Bankruptcy and insolvency — Disclaimer of onerous property — Mortgaged land — Ownership of disclaimed land — Vesting order — Official Assignee disclaimed land which was mortgaged substantially in excess of its value — First mortgagee sought vesting order — Whether Official Assignee was entitled to disclaim mortgaged land — Whether mortgaged land was "unsaleable or not readily saleable" - Whether disclaimed land reverted to Crown — Whether Court had jurisdiction to vest land in first mortgagee — Whether, if land vested in first mortgagee, he could sell it without first paying off second mortgage — Observations as to serving Crown with application for vesting order in respect of disclaimed land — Insolvency Act 1967, ss 2, 42 and 75.

Property law — Mortgage — Exercise of mortgagee's powers — Service of notice under s 92 of Property Law Act when land disclaimed by Official Assignee — Official Assignee disclaimed mortgaged land under s 75 of Insolvency Act 1967 - Land reverted to Crown — Whether mortgagee could serve default notice on bankrupt as registered proprietor on title — Property Law Act 1952, s 92.