Plain language law

New Zealand law explained for everyone

Fisheries Act 1996

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

170: No liability on bona fide purchaser or mortgagee

You could also call this:

"Protection for honest buyers of fishing quotas"

Illustration for Fisheries Act 1996

You are protected if you buy or get a mortgage on a fishing quota honestly and for a fair price. You will not be liable for damages if the person who sold you the quota got it unfairly or by mistake. This protection applies to you if you are registered as the owner or mortgagee of the quota under the Fisheries Act 1996. You are safe from losing your rights as the owner or mortgagee of the quota. This is because you bought or mortgaged it in good faith, meaning you did not know about any fraud or errors. The law is on your side if you acted honestly. This protection does not apply to some types of quotas, like provisional individual transferable quota or annual catch entitlement. You can find more information about this law by looking at the related legislation. This law is part of the Fisheries Act 1996, which helps manage fishing in New Zealand.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM397945.

Topics:
Environment and resources > Farming and fishingMoney and consumer rights > Consumer protection
Previous

169: Purchasers and mortgagees not affected by notice, or

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

Next

171: Compensation for mistake or wrongdoing in keeping Quota Register, or

"Getting paid back if someone makes a mistake with your fishing quota"

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

170No liability on bona fide purchaser or mortgagee

  1. This section applies to—

  2. any person who has acquired ownership of any individual transferable quota as a bona fide purchaser for value and is registered as owner under this Act; and
    1. any person to whom a mortgage of any individual transferable quota has been granted in accordance with this Act, as a mortgagee bona fide for value, and who is registered as a mortgagee under this Act.

      1. No person to whom this section applies shall be subject to any action for recovery of damages, or be deprived of the rights as registered owner of the quota, or, as the case may be, of that person's interest as mortgagee, on the ground that the vendor from whom the registered owner so acquired the quota or, as the case may require, the mortgagor of the quota—

      2. may have been registered as owner through fraud or error, or under any void or voidable instrument; or
        1. may have derived from a person registered as owner through fraud or error, or under any void or voidable instrument.

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

          Compare