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Fisheries Act 1996

Registration of transfers, mortgages, caveats, etc - Protection of purchasers

169: Purchasers and mortgagees not affected by notice

You could also call this:

"Buying or lending money for a fishing quota: your rights are protected"

Illustration for Fisheries Act 1996

You buy or lend money for a fishing quota. You do not need to check how the owner got it. You do not need to know what the owner did with the money. You are protected if someone else has a hidden interest in the quota, unless there is fraud. This rule does not apply to some types of quotas, like provisional ones. You can compare this to section 59 of another law.

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Topics:
Money and consumer rights > Consumer protectionEnvironment and resources > Farming and fishing
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168: Guarantee of ownership rights, or

"Proof of who owns a fishing quota"

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170: No liability on bona fide purchaser or mortgagee, or

"Protection for honest buyers of fishing quotas"

Part 8Registration of transfers, mortgages, caveats, etc
Protection of purchasers

169Purchasers and mortgagees not affected by notice

  1. Notwithstanding any rule of law or equity, except in the case of fraud, no purchaser or mortgagee of any individual transferable quota, and no person proposing to purchase or be a mortgagee of any such quota,—

  2. is required—
    1. to inquire into or ascertain the circumstances in which or the consideration for which that owner or any previous owner is or was registered; or
      1. to see to the application of the purchase money, or of any part of it; or
      2. is affected by notice, direct or constructive, of any trust or unregistered interest, and the knowledge that any such trust or unregistered interest is in existence is not of itself to be imputed as fraud.

        1. This section does not apply in respect of provisional individual transferable quota, annual catch entitlement, or provisional catch history.

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