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Sentencing Act 2002

Sentences, orders, and related matters - Discharge and miscellaneous orders - Confiscation of motor vehicles

141B: Application of proceeds of sale by secured party

You could also call this:

"What happens to the money when a secured vehicle is sold"

Illustration for Sentencing Act 2002

If a motor vehicle is transferred to you under section 141, you must do certain things when you sell the vehicle. You have to account to the Registrar for the money you get from the sale. You pay the money into court, but you can subtract some costs first. These costs include any costs paid under section 141A, the costs of selling the vehicle, and the amount you would have got under a security agreement if it had not been cancelled.

The Registrar then uses the remaining money according to section 137(3)(c) to (g) and (3A).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2603011.

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141A: Certain payments required before transfers take effect, or

"You must pay certain costs before a court can transfer a vehicle to you."

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141C: Failure by secured party to sell or account for proceeds, or

"What happens if someone doesn't sell a vehicle as the court ordered"

Part 2Sentences, orders, and related matters
Discharge and miscellaneous orders: Confiscation of motor vehicles

141BApplication of proceeds of sale by secured party

  1. Every person to whom a motor vehicle is transferred under section 141 must, on disposing of the motor vehicle,—

  2. account to the Registrar for the proceeds of the sale:
    1. pay into court the proceeds of the sale, less—
      1. any costs paid under section 141A; and
        1. the amount of the costs and expenses of, and incidental to, the sale; and
          1. the amount to which the secured party would, but for the extinguishment of the security interest concerned, have been entitled under the relevant security agreement (and that has not already been recovered).

          2. The Registrar must then apply the balance remaining in accordance with section 137(3)(c) to (g) and (3A) with all necessary modifications.

          Notes
          • Section 141B: inserted, on , by section 19 of the Sentencing (Vehicle Confiscation) Amendment Act 2009 (2009 No 37).
          • Section 141B(1)(b): replaced, on , by section 37(1) of the Sentencing Amendment Act 2011 (2011 No 47).
          • Section 141B(1)(b)(ii): amended, on , by section 165(1) of the Courts Matters Act 2018 (2018 No 50).
          • Section 141B(1)(b)(iii): inserted, on , by section 165(2) of the Courts Matters Act 2018 (2018 No 50).
          • Section 141B(2): amended, on , by section 37(2) of the Sentencing Amendment Act 2011 (2011 No 47).