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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

83ZK: Surplus may be paid into court

You could also call this:

"If you're not sure who gets leftover money, you can pay it to the court."

Illustration for Credit Contracts and Consumer Finance Act 2003

If you are a creditor and you are not sure who should get the surplus, you can pay it into court. This is according to section 83ZJ. The surplus can only be paid out if someone who thinks they are entitled to it makes an application.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501404.

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Money and consumer rights > Banking and loansCrime and justice > Courts and legal help
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83ZJ: Distribution of surplus, or

"What happens to leftover money after a creditor sells consumer goods"

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83ZL: Debtor’s, etc, right to recover surplus, or

"Getting back extra money you don't owe"

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

83ZKSurplus may be paid into court

  1. The creditor may pay the surplus into court if there is a question as to who is entitled to receive payment under section 83ZJ.

  2. The surplus may be paid out only on an application by a person claiming an entitlement to the surplus.

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