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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Resolution manager’s miscellaneous powers

311: Order may not deprive good-faith purchaser for value

You could also call this:

"You keep what you paid for if you bought it fairly and didn't know about problems."

Illustration for Deposit Takers Act 2023

If someone buys something in good faith and pays for it, an order under section 310 does not take away their rights to it. You get to keep what you bought if you paid for it and did not know about any problems. The order does not affect you if you bought it fairly and for a good reason, as long as you can prove you paid for it.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS535168.

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Topics:
Money and consumer rights > Consumer protection
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310: Resolution manager may trace property improperly disposed of, or

"Getting back property that was taken unfairly"

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312: Resolution manager may change balance date, or

"The person in charge can change the end-of-year date for a struggling bank or deposit taker."

Part 7Crisis management and resolution
Conduct of resolution: Resolution manager’s miscellaneous powers

311Order may not deprive good-faith purchaser for value

  1. An order under section 310 does not deprive any other person of any estate or interest in the property if the estate or interest was acquired in good faith and for valuable consideration.

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