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Credit Contracts and Consumer Finance Act 2003

Repossession of consumer goods under consumer credit contract - Rules that apply after repossession of consumer goods

83ZG: Disposal of consumer goods to purchaser for value and in good faith

You could also call this:

"Buying goods from someone without getting their debts"

Illustration for Credit Contracts and Consumer Finance Act 2003

You buy consumer goods from someone who got them from a creditor. You get the goods without the original owner's or creditor's interests. This applies even if some security interests are still on the Personal Property Securities Act 1999 register.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501399.

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Topics:
Money and consumer rights > Consumer protection
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83ZF: Debtor’s right to force sale, or

"What happens to your things if you can't pay for them and the seller doesn't sell them on time"

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83ZH: Extinguishment of creditor’s security interest and subordinate security interests on sale, or

"What happens to loans when you sell something you bought on credit"

Part 3ARepossession of consumer goods under consumer credit contract
Rules that apply after repossession of consumer goods

83ZGDisposal of consumer goods to purchaser for value and in good faith

  1. A purchaser for value and in good faith who takes possession of consumer goods sold by a creditor takes the consumer goods free from the following interests:

  2. the interest of the debtor:
    1. any interest subordinate to that of the debtor:
      1. the interest of the creditor:
        1. any interest subordinate to that of the creditor.

          1. Subsection (1) applies whether or not registrations relating to any security interests referred to in subsection (1) have been removed from the register of personal property securities established under the Personal Property Securities Act 1999.

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          Notes
          • Section 83ZG: inserted, on , by section 51 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).