30A Extinguishment of subordinate security interests

(1)

If property has been disposed of by a receiver, all security interests in the property and its proceeds that are subordinate to the security interest of the person in whose interests the receiver was appointed are extinguished on the disposition of the property.

(2)

If there is a surplus left after the receiver has disposed of personal property, that surplus must be distributed according to the priorities set out in section 30B(1) and (2) unless otherwise required by any other law.

Compare: 1999 No 126 s 115

Section 30A: inserted, on 1 May 2002, by section 6 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 30A(2): added, on 15 December 2005 (applying to any surplus referred to in this provision that has not been distributed on that date), by section 3 of the Receiverships Amendment Act 2005 (2005 No 112).