New Zealand Legislation: Acts

31 Position where debtor relocates to another jurisdiction, etc

• If a debtor relocates to another jurisdiction or transfers an interest in the collateral to a person located in another jurisdiction, a security interest perfected in accordance with the law applicable, as provided in section 30, continues to be perfected in New Zealand if it is perfected in the other jurisdiction by the earliest of the following:

  • (a) not later than 60 days after the day on which the debtor relocates or transfers an interest in the collateral to a person located in the other jurisdiction; or

  • (b) not later than 15 days after the day on which the secured party has knowledge that the debtor has relocated or transferred an interest in the collateral to a person located in the other jurisdiction; or

  • (c) prior to the day on which perfection ceases under the law of the first jurisdiction.

  Compare: Personal Property Security Act 1993 s 7(3) (Saskatchewan)