StockCo Agricapital Pty Ltd v Dairy Livestock Services Pty Ltd [2020] NSWSC 318

Supreme Court New South Wales

Medium Neutral Citation: StockCo Agricapital Pty Ltd v Dairy Livestock Services Pty Ltd [2020] NSWSC 318 Hearing dates: 28 and 29 October; 6 December 2019; further written submissions ending 7 February 2020 Date of orders: 31 March 2020 Decision date: 31 March 2020 Jurisdiction: Equity Before: Parker J Decision: See [154] Catchwords: MORTGAGES AND SECURITIES – Personal Property Securities Act 2009 (Cth) – agreement providing for customer to purchase livestock as agent for financier – financier retains title – whether a security interest

MORTGAGES AND SECURITIES – Personal Property Securities Act 2009 (Cth) – priorities – agreement by livestock agent to purchase cattle for customer and fund subsequent agistment and feedlot charges – security for recoupment of agistment and feedlot charges – whether a purchase money security interest – whether a purchase money obligation Legislation Cited: Personal Property Securities Act 2009 (Cth), ss 12, 12(2)(c), 12(d), 12(e), 12(h), 14, 14(1)(b), 14(7)(b), 62, 62(1), 62(2), 62(2)(b), 62(2)(b)(i), 62(2)(c), 86, 164, 165 United States Uniform Commercial Code, 84 USC Art 9 § 103(a)(2) (2017) Cases Cited: Agricultural Credit Corporation of Saskatchewan v Pettyjohn (1991) 79 DLR (4th) 22 Allied Distribution Finance Pty Ltd v Samwise Holdings Pty Ltd [2017] SASC 163 Federal Republic of Brazil v Durant International Corporation [2015] UKPC 35 International Harvester Company of Australia Pty Ltd v Carrigan's Hazeldene Pastoral Co (1958) 100 CLR 644; [1958] HCA 16 Kennedy v De Trafford [1897] AC 180 Samwise Holdings Pty Ltd v Allied Distribution Finance Pty Ltd (2018) 131 SASR 506; [2018] SASCFC 95 Scott v Davis (200) 204 CLR 333; [2000] HCA 52 Category: Principal judgment Parties: StockCo Agricapital Pty Ltd (Plaintiff) Dairy Livestock Services Pty Ltd (Defendant) Representation: Counsel: H Austin QC/J Stephenson (Plaintiff) AMB Cornish (Defendant)