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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 buy if you paid a fair price and didn't know it was in trouble."

Illustration for Deposit Takers Act 2023

If you buy something in good faith and pay a fair price for it, a special order made under section 310 of the Deposit Takers Act 2023 cannot take that thing away from you. You must have bought it honestly, without knowing it was already taken or in trouble. The order does not affect your rights to the thing you bought.

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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.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Fair trading
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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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