Fisheries Act 1996

169 Purchasers 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,—

  • (a) is required—

    • (i) 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

    • (ii) to see to the application of the purchase money, or of any part of it; or

  • (b) 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.

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

  Compare: 1989 No 148 s 59