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Fisheries Act 1996

Registration of transfers, mortgages, caveats, etc - Mortgages of quota

141: Court may permit mortgagee to exercise power before period expired

You could also call this:

"A court can let a mortgagee take action before a deadline if it's fair."

Illustration for Fisheries Act 1996

You can ask a court to let a mortgagee use their powers before a certain time is up. The court can say yes if the mortgagee asks them to, and they can do this with or without telling the other person involved. The court's decision can be based on conditions they think are fair, as stated in section 140. You can get this permission with or without conditions that the court sets. The court decides what conditions are fair.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM397668.

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140A: Restriction on transfer by mortgagee, or

"Mortgagees must follow special rules when selling settlement quota."

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142: Restriction on action to recover deficiency, or

"Rules for getting back money when selling a quota to cover a debt"

Part 8Registration of transfers, mortgages, caveats, etc
Mortgages of quota

141Court may permit mortgagee to exercise power before period expired

  1. Any court may, on the application of a mortgagee made ex parte or otherwise as the court thinks fit, grant leave to the mortgagee to exercise any of the powers of the owner of the quota shares concerned at any time before the date specified in the notice given under section 140.

  2. Leave may be granted under subsection (1) either unconditionally or upon and subject to such conditions as the court thinks fit.

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