Richards v Weggery - [1957] NZLR 621

Mortgage — Mortgagee in Possession — Debenture creating Floating Charge over Company's Assets, including First Mortgage — Debenture-holder, on Mortgagor's Default, collecting Rents and Managing Property — Demise of Company and Bankruptcy of Mortgagor — Mortgage Charge remaining — Debenture-holder becoming Submortgagee and, later, Mortgagee, and, continuing Management of Property — No Right of Election to appropriate Moneys, collected against Personal Indebtedness to Him of Registered Owner of Property — Mortgagee accountable to Second Mortgagee for Whole Period of His Management of Property, since His First Entry into Possession.

Practice — Evidence — After Trial and Judgment, but before Judgment perfected, Application, to admit Additional Evidence as Ground for Reopening Case — Opposite Party without Opportunity to test Additional Evidence by Crossexamination — Admission of New Evidence in Such Circumstances not in Interests of Justice.