The ship Betty Ott v General Bills Ltd - [1992] 1 NZLR 655

Admiralty — Mortgage over ship — Mortgage registered in Australia — Priority of mortgage — Company which owned ship gave debenture to bank and later gave mortgage ship to finance company, the mortgage being registered in Australia — Bank and finance company each claimed priority to proceeds of sale of ship — Whether priority was governed by New Zealand law — Whether registration of mortgage in Australia made it only an equitable charge in New Zealand — Whether bank as first equitable charge holder had priority — Shipping and Seamen Act 1952, s 420.

Equity — Estoppel — Estoppel by representation — Bank agreed to release certain assets from its debenture security retaining specified assets as security — A ship owned by the company giving the debenture was not included in the assets specified as security — Whether bank was estopped from denying that it had agreed to release the ship from its security.