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Local Government Act 2002

Consequential amendments, repeals, revocations, transitional provisions, and savings - Transitional provisions

292: Existing charges

You could also call this:

“Old rules about money owed still count”

If you had a security interest registered under section 122ZH of the Local Government Act 1974 before this new law started, it’s still important. Your security interest will be treated as a ‘prior security interest’ under Part 12 of the Personal Property Securities Act 1999.

When you look at Part 12 of that Act, you need to understand two things. First, when it talks about ‘prior registration law’, it means section 122ZH of the Local Government Act 1974. Second, the ‘transitional period’ it mentions is six months from when this new law starts.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM174222.

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Part 12 Consequential amendments, repeals, revocations, transitional provisions, and savings
Transitional provisions

292Existing charges

  1. This section applies to any security interest that, immediately before the commencement of this section, was registered under section 122ZH of the Local Government Act 1974.

  2. Every security interest to which this section applies must be treated as a prior security interest for the purposes of Part 12 of the Personal Property Securities Act 1999, and that Part applies, in relation to every such security interest, as if—

  3. every reference in that Part to prior registration law were a reference to section 122ZH of the Local Government Act 1974; and
    1. the transitional period were the period of 6 months commencing on the commencement of this section.