New Zealand Legislation: Acts
Acts are laws made by Parliament
This Act does not apply to—
(a) the interest of a seller who has shipped goods to a buyer under a negotiable bill of lading or its equivalent to the order of the seller or to the order of an agent of the seller, unless the parties have otherwise evidenced an intention to create or provide for a security interest in the goods:
(b) a lien (except as provided in Part 8), charge, or other interest in personal property created by any other Act (other than section 169 of the Tax Administration Act 1994 and sections 169 and 184 of the Child Support Act 1991) or by operation of any rule of law:
(c) any right of set-off (but without limiting the effect of section 102), netting, or combination of accounts:
(d) [Repealed]
(e) an interest created or provided for by any of the following transactions:
(i) the creation or transfer of an interest in land:
(ii) a transfer of a right to payment that arises in connection with an interest in land, including a transfer of rental payments payable under a lease of or licence to occupy land, unless the right to payment is evidenced by an investment security:
(iii) a transfer of an unearned right to payment under a contract to a person who is to perform the transferor's obligations under the contract:
(iv) a transfer of present or future wages, salary, pay, commission, or any other compensation for labour or personal services of an employee:
(v) an assignment for the general benefit of creditors of the person making the assignment:
(vi) a transfer of an interest or claim in or under a contract of annuity or policy of insurance, except as provided by this Act with respect to proceeds and priorities in proceeds:
(vii) a transfer of a right to damages in tort:
(viii) an assignment of accounts receivable made solely to facilitate the collection of the accounts receivable on behalf of the person making the assignment:
(ix) an assignment of a single account receivable or negotiable instrument in whole or in partial satisfaction of a pre-existing indebtedness:
(x) a sale of accounts receivable or chattel paper as part of a sale of a business, unless the seller remains in apparent control of the business after the sale:
(xi) a transfer, assignment, mortgage, or assignment of a mortgage of a ship (within the meaning of the Ship Registration Act 1992) that exceeds 24 metres register length (within the meaning of that Act), or any share of such a ship:
(xii) a transfer, mortgage, or licence of any management rights (within the meaning of the Radiocommunications Act 1989):
(xiii) a transfer or other transaction by way of security in respect of individual transferable quota or transferable term quota (within the meaning of the Fisheries Act 1983) or a transaction of quota or annual catch entitlements (within the meaning of the Fisheries Act 1996).
Compare: Personal Property Security Act 1993 s 4 (Saskatchewan)
Section 23(b): amended, on 25 November 2003, by section 171 of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
Section 23(c): amended, on 15 April 2004, by section 8 of the Personal Property Securities Amendment Act 2004 (2004 No 30).
Section 23(d): repealed, on 1 July 2003, by section 262 of the Local Government Act 2002 (2002 No 84).
