National Bank of New Zealand Ltd v Commissioner of Inland Revenue - [1992] 1 NZLR 250

Company law — Debenture — Dispute as to priority over the proceeds of sale of source code computer software — Interpretation of the phrase "fixed plant and machinery" - Whether source code software comes within fixed and specific charging clause of debenture — Company had treated asset as a revenue item and not capital item — Whether doctrine of equitable election applicable in dispute as to priority between competing creditors.