Reprint
as at 1 August 2012
Personal Property Securities Regulations 2001
(SR 2001/79)
Silvia Cartwright, Governor-General
Order in Council
At Wellington this 23rd day of April 2001
Present:Her Excellency the Governor-General in Council
Note
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
These regulations are administered by the Ministry of Economic Development.
Pursuant to section 190 of the Personal Property Securities Act 1999, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.
Contents
1 Title
2 Commencement
Part 1
Preliminary
3 Interpretation
Part 2
Registration of financing statements
4 Registering party to ensure data entered in correct fields
5 Secured party to ensure data in financing statement kept up to date
6 Registrar not required to verify entitlement to access information or entitlement to register
7 Secured party group
8 Data required to register financing statement, financing change statements, and change demands
9 Debtor PIN and financing statement registration number
10 Debtors to be notified of change demand
11 Certification of registered financing statement
12 Contents of verification statement
Part 3
Searches of register
13 Requirements for searching
14 How to carry out search: general
15 Search relating to debtor organisation
16 Search relating to serial-numbered goods
17 Search results
Part 4
Miscellaneous
18 Access to register
19 Authorised user to provide access information
20 Disclosure of access information
21 Fees
22 Arrangements for payment of prescribed fees
23 Forms
Schedule 1
Data required in financing statements, financing change statements, and change demands
Schedule 2
Forms
Regulations
1 Title
These regulations are the Personal Property Securities Regulations 2001.
2 Commencement
These regulations come into force on 1 May 2002.
Part 1
Preliminary
3 Interpretation
In these regulations, unless the context otherwise requires,—
access information means information assigned for the purpose of maintaining the integrity of the register (for example, passwords, user IDs, secured party IDs, debtor PINs, change demand PINs, and financing statement PINs)
Act means the Personal Property Securities Act 1999
aircraft means a machine that can derive support in the atmosphere from the reactions of the air otherwise than by the reactions of the air against the surface of the earth
authorised user means a person who has log-on access to the register
change demand means a financing change statement that is entered in the register under section 165 of the Act
change demand PIN, in relation to a change demand, means the unique access code assigned to it
chassis number, in relation to a motor vehicle, means any numbers or letters, or any combination of numbers or letters, stamped directly on to a metal panel, or a component, that are part of the permanent structure of the motor vehicle, and that are intended to identify the vehicle
Civil Aviation Rules means the ordinary rules made under Part 3 of the Civil Aviation Act 1990
debtor PIN, in relation to a financing statement, means the unique access code assigned to the debtor to whom the financing statement relates
financing statement number, in relation to a financing statement, means the unique identifier assigned to the financing statement when it has been saved pending its registration
financing statement PIN, in relation to a financing statement,—
(a) means the unique access code assigned to it; but
(b) does not include its financing statement number or financing statement registration number
financing statement registration number, in relation to a financing statement, means the unique identifier assigned to the financing statement on its registration
G2B agreement means an agreement between the Ministry of Economic Development and another party under which the other party agrees to accept and use, via a Government to Business (G2B) service, the register of personal property securities established under section 139 of the Act
G2B user means a person who is a party to a G2B agreement with the Ministry of Economic Development
nationality mark, in relation to an aircraft, has the same meaning as in the Civil Aviation Rules
registering party means an authorised user who submits a financing statement or financing change statement for registration
registration number, in relation to a motor vehicle, means any numbers or letters, or any combination of numbers or letters, shown on the registration plate issued under the Transport Act 1962 or the Transport (Vehicle and Driver Registration and Licensing) Act 1986 or Part 17 of the Land Transport Act 1998
secured party includes a secured party group to which regulation 7 applies
serial-numbered goods means a motor vehicle or an aircraft
user ID, in relation to an authorised user, means the unique identifier assigned to the authorised user
vehicle identification number, in relation to a motor vehicle, means a unique identifying number for the time being assigned to it in accordance with regulations or rules made under the Land Transport Act 1998.
Regulation 3 G2B agreement: inserted, on 1 August 2012, by regulation 4 of the Personal Property Securities Amendment Regulations 2012 (SR 2012/126).
Regulation 3 G2B user: inserted, on 1 August 2012, by regulation 4 of the Personal Property Securities Amendment Regulations 2012 (SR 2012/126).
Regulation 3 registration number: amended, on 1 May 2011, by section 35(5) of the Land Transport Amendment Act 2009 (2009 No 17).
Regulation 3 vehicle identification number: amended, on 10 May 2011, by section 100(3) of the Land Transport (Road Safety and Other Matters) Amendment Act 2011 (2011 No 13).
Part 2
Registration of financing statements
4 Registering party to ensure data entered in correct fields
A registering party must ensure that all data that is required or authorised by the Act or these regulations to be contained in a financing statement is entered in the correct fields.
5 Secured party to ensure data in financing statement kept up to date
A secured party must ensure that all data that is required by the Act or these regulations to be contained in a financing statement, and of which the secured party has knowledge, is kept up to date.
6 Registrar not required to verify entitlement to access information or entitlement to register
The Registrar is not required to verify that—
(a) an authorised user is entitled to use the access information entered by the authorised user:
(b) a registering party is entitled to register a financing statement or financing change statement, as the case may be.
7 Secured party group
The Registrar must treat 1 or more secured parties to whom a financing statement relates as a single secured party group.
8 Data required to register financing statement, financing change statements, and change demands
(1) In addition to any data requirements specified in the Act,—
(a) every financing statement must contain all of the data specified in Part 1 of Schedule 1 that is applicable; and
(b) every financing change statement that is not a change demand must contain all of the data specified in Parts 1 and 2 of Schedule 1 that is applicable; and
(c) every change demand must contain all of the data specified in Part 3 of Schedule 1 that is applicable.
(2) In addition to the data referred to in subclause (1), a financing statement, financing change statement, or a change demand may contain any further details that the register allows.
9 Debtor PIN and financing statement registration number
If requested by the debtor or another person whom the secured party believes on reasonable grounds has an interest in the collateral, the secured party must, as soon as practicable and without charge, provide to the debtor or that other person the relevant debtor PIN and financing statement registration number for the purposes of entering a change demand.
10 Debtors to be notified of change demand
A person who is not the sole debtor and who enters a change demand in the register must, as soon as practicable, give notice in writing to each debtor to whom the financing statement relates of all of the following matters:
(a) the date on which notice of the change demand was entered in the register:
(b) the financing statement registration number of the related financing statement:
(c) the collateral to which the change demand relates:
(d) the grounds for the change demand:
(e) the nature of the amendment sought:
(f) details of the Registrar’s notification of the outcome of the change demand procedure.
11 Certification of registered financing statement
The Registrar may certify a copy of a registered financing statement as a true copy.
12 Contents of verification statement
(1) The verification statement relating to the registration of a financing statement may contain the debtor PIN and the financing statement registration number.
(2) The financing statement PIN must be sent, separately from the verification statement, to the registering party.
Part 3
Searches of register
13 Requirements for searching
An authorised user may search the register only if the authorised user has—
(a) confirmed that the search is to be carried out in accordance with section 173 of the Act; and
(b) either—
(i) entered into an arrangement with the Registrar, under regulation 22(1), for the payment of the prescribed fee; or
(ii) paid the prescribed fee in accordance with regulation 22(2).
14 How to carry out search: general
An authorised user who makes a search of the register must, according to the type of search being carried out, enter the relevant information in the appropriate fields.
15 Search relating to debtor organisation
If a search is made by reference to the name and address of a person acting on behalf of a debtor that is an organisation, the name of the organisation must also be entered.
16 Search relating to serial-numbered goods
For the purposes of making a search by reference to the serial number of serial-numbered goods, the following numbers must be entered in the appropriate field:
(a) in the case of a motor vehicle, the following:
(i) the registration number, if any:
(ii) the vehicle identification number, if any:
(iii) the chassis number, if any:
(b) in the case of an aircraft, the following:
(i) the registration mark and the nationality mark, if any:
(ii) the serial number provided by the manufacturer of the aircraft, if any.
17 Search results
(1) A search result must contain all data that—
(a) is contained in a current registration; and
(b) matches the search criteria provided by an authorised user.
(2) For the purposes of section 171 of the Act, a printed search result may be obtained by requesting an electronic copy of the file containing the search result.
Part 4
Miscellaneous
18 Access to register
Without limiting section 138 of the Act, access to all or any part of the register may be limited or denied if—
(a) there is a fault affecting the register:
(b) in the opinion of the Registrar, the integrity of the register is, or has been, or may be, compromised.
19 Authorised user to provide access information
In order for an authorised user to have access to the register, the authorised user must enter the relevant access information.
20 Disclosure of access information
The Registrar may disclose access information only if—
(a) the Registrar is reasonably satisfied that the person to whom the access information is to be disclosed is entitled to the information; and
(b) the disclosure of the access information is necessary to facilitate the operation of the register.
21 Fees
(1) The fees set out below are payable for the following matters:
(a) for registering a financing statement under section 141 of the Act,—
(i) for a person who is a G2B user, $10:
(ii) for any other person, $20:
(b) for renewing the registration of a financing statement under section 154 of the Act,—
(i) for a person who is a G2B user, $10:
(ii) for any other person, $20:
(c) for searching the register, and obtaining a printed search result, under section 171 of the Act,—
(i) for a person who is a G2B user, $1.50:
(ii) for any other person, $3:
(d) for sending a verification statement by post, $10:
(e) for a certified copy of a registered financing statement, $25.
(2) The fees prescribed in subclause (1) are inclusive of goods and services tax.
Regulation 21(1): substituted, on 1 July 2004, by regulation 3 of the Personal Property Securities Amendment Regulations 2004 (SR 2004/133).
Regulation 21(1)(a): replaced, on 1 August 2012, by regulation 5 of the Personal Property Securities Amendment Regulations 2012 (SR 2012/126).
Regulation 21(1)(b): replaced, on 1 August 2012, by regulation 5 of the Personal Property Securities Amendment Regulations 2012 (SR 2012/126).
Regulation 21(1)(c): replaced, on 1 August 2012, by regulation 5 of the Personal Property Securities Amendment Regulations 2012 (SR 2012/126).
22 Arrangements for payment of prescribed fees
(1) The Registrar and an authorised user may enter into an arrangement for the payment of prescribed fees (for example, the method and time of their payment).
(2) If an authorised user does not have an arrangement for the payment of prescribed fees, the authorised user must pay the prescribed fees—
(a) with a credit card that is acceptable to the Registrar; and
(b) either,—
(i) in the case of a financing statement, immediately on the successful validation, by the register, of the data submitted; or
(ii) in the case of a search, immediately after the search has been submitted in accordance with the Act and these regulations.
23 Forms
(1) The forms set out in Schedule 2 are the forms that must be used for the matters under the Act to which the forms relate.
(1A) A prescribed form does not include any notes stated to be not part of that form.
(2) A prescribed form may be varied as the circumstances of any particular case may require.
Regulation 23(1A): inserted, on 1 January 2008, by regulation 4 of the Personal Property Securities Amendment Regulations (No 2) 2007 (SR 2007/362).
Schedule 1
Data required in financing statements, financing change statements, and change demands
r 8(1)
Contents
Part 1
Financing statements (including financing change statements)
Data entry for debtor
1 Identification of each debtor
2 Name of debtor: individual
3 Debtor whose full name consists of 1 word
4 Name of debtor: individual using married name and alternative name
5 Name of debtor: individual carrying on business
6 Name of debtor: organisation
7 Type of organisation
Data entry for description of collateral
8 Description of collateral: general requirements
9 Description of serial-numbered goods
10 Use of identification numbers for description of other goods
11 Description of proceeds
Other data entry
12 Term of registration
13 Data for registering prior security interest
14 Electronic mail address and fax number
Part 2
Financing change statement: additional provisions
15 Financing statement registration number
16 Financing statement PIN
17 Type and description of change
18 Renewal of financing statement
19 Subordinations
Part 3
Change demand: special provisions
20 Financing statement registration number
21 Debtor PIN
22 Grounds for demanding registration of change demand
23 Description of matter demanded
24 Debtor or interested person
25 Name of person entering change demand
26 Details of demand under section 162 of Act
Part 1
Financing statements (including financing change statements)
Data entry for debtor
1 Identification of each debtor
If a financing statement relates to more than 1 debtor, each debtor must be identified as a separate debtor.
2 Name of debtor: individual
(1) If the debtor is an individual, the following data:
(a) the first name of the debtor:
(b) the middle name of the debtor (if any) or, if the debtor has more than 1 middle name,—
(i) all the debtor’s middle names, which must be listed in order of their appearance on the official document referred to in subclause (2); or
(ii) as many of the debtor’s middle names as the register allows, which must be listed in order of their appearance on the official document referred to in subclause (2):
(c) the last name of the debtor.
(2) For the purposes of this clause and clauses 3 to 5, the debtor’s name must be the same as the debtor’s name that appears on an official document such as a birth certificate, marriage certificate, certificate of New Zealand citizenship, passport, driver’s licence, or other similar official document evidencing the name currently used by the debtor.
(3) To avoid doubt, in this clause and clause 3, the last name, in relation to a debtor, means the surname of the debtor.
3 Debtor whose full name consists of 1 word
If the debtor is an individual whose full name consists of only 1 word, that word must be entered as both the debtor’s first and last names.
4 Name of debtor: individual using married name and alternative name
If the debtor is an individual who is married and who uses both the name adopted after marriage and the name that the debtor had before marriage, the debtor may be entered under both of those names, as if the debtor were 2 separate individuals.
5 Name of debtor: individual carrying on business
If the debtor is an individual who carries on business as a sole trader under a name or style other than the debtor’s own name, the debtor’s own name.
6 Name of debtor: organisation
If the debtor is an organisation, the following data:
(a) if the debtor is incorporated under an enactment, the statutory or registered name of the organisation:
(b) if paragraph (a) is not applicable, the name of the organisation as set out in its constitution or other document defining its constitution:
(c) if paragraphs (a) and (b) are not applicable, the trading name of the organisation or the name by which it is commonly known (if it does not have a trading name).
7 Type of organisation
If the debtor is an organisation, one of the following:
(a) a company:
(b) an incorporated society:
(c) an incorporated charitable trust board:
(d) an industrial and provident society:
(e) a building society:
(f) a partnership:
(g) a friendly society or credit union:
(h) a trust:
(i) other.
Data entry for description of collateral
8 Description of collateral: general requirements
(1) All collateral must be assigned to 1 or more of the following collateral types:
(a) goods: motor vehicles:
(b) goods: aircraft:
(c) goods: livestock:
(d) goods: crops:
(e) goods: other:
(f) documents of title:
(g) chattel paper:
(h) investment securities:
(i) negotiable instruments:
(j) money:
(k) intangibles:
(l) all present and after-acquired property:
(m) all present and after-acquired property, except.
(2) A further description must be provided for all collateral that has not been assigned to the collateral type described in subclause (1)(l).
9 Description of serial-numbered goods
(1) If a financing statement relates to the registration of a security interest in serial-numbered goods that are consumer goods or equipment, a description of serial-numbered goods must contain the following data:
(a) whether the goods are a motor vehicle or an aircraft:
(b) the year of manufacture of the goods:
(c) the make or name of the manufacturer and the model of the goods:
(d) in the case of a motor vehicle, the registration number (if any) of the motor vehicle concerned and
(i) if it has a vehicle identification number, that number; or
(ii) if it has no vehicle identification number but it has a chassis number, its chassis number:
(e) in the case of an aircraft,—
(i) the aircraft class; and
(ii) if it has a registration mark and a nationality mark, those marks; and
(iii) if it has a serial number provided by the manufacturer of the aircraft, that number.
(2) To avoid doubt, subclause (1)—
(a) applies to serial-numbered goods that are consumer goods or equipment and that are included in the collateral types described in clause 8(1)(l) and (m); but
(b) does not apply to serial-numbered goods that are inventory.
(3) The marks and numbers referred to in subclause (1)(e) must be given as they appear in the certificate of registration issued by the Director of Civil Aviation for that aircraft.
10 Use of identification numbers for description of other goods
(1) A description of goods that are not serial-numbered goods must, if the description contains an identification number, contain additional data to adequately describe those goods.
(2) For the purposes of subclause (1), an identification number—
(a) is a number that is permanently marked on, or attached to, the collateral by the manufacturer; and
(b) includes only alphanumeric characters; but
(c) does not include—
(i) any of the kinds of numbers or marks to which clause 9 applies; or
(ii) punctuation (for example, a hyphen) or other markings.
11 Description of proceeds
If collateral is proceeds to which section 46(a) or section 47 of the Act applies, and—
(a) if the proceeds are inventory or collateral, other than serial-numbered goods, the collateral must be described in accordance with clause 8, as long as the word “proceeds” appears as part of the description; or
(b) if the proceeds are serial-numbered goods that are consumer goods or equipment, the goods must be described in accordance with clause 9.
Other data entry
12 Term of registration
The term of registration if it is less than 5 years.
13 Data for registering prior security interest
For the registration of a prior security interest that is deemed to be perfected by registration under the Act, the following data:
(a) if section 195 of the Act applies,—
(i) the date of prior registration of the prior security interest; and
(ii) the relevant enactment under the prior registration law:
(b) if section 196 of the Act applies,—
(i) the date of creation of the prior security interest; and
(ii) a statement that section 196 of the Act applies.
14 Electronic mail address and fax number
The electronic mail address and the fax number of the secured party and registering party (if different).
Part 2
Financing change statement: additional provisions
15 Financing statement registration number
The financing statement registration number for the financing statement to which the financing change statement relates.
16 Financing statement PIN
The financing statement PIN for the financing statement to which the financing change statement relates.
17 Type and description of change
(1) The type of change that is to be made to the financing statement (for example, a renewal, a discharge, or an amendment).
(2) A description of the changes to be made to the financing statement.
18 Renewal of financing statement
If a financing statement is being renewed, the term of registration if it is less than 5 years.
19 Subordinations
If a security interest is subordinated, the date that the effect of the subordination will cease if that date is before the expiry of the registration of either—
(a) the financing statement relating to the security interest that is subordinated; or
(b) the financing statement relating to the security interest to which the security interest referred to in paragraph (a) is subordinated.
Part 3
Change demand: special provisions
20 Financing statement registration number
The financing statement registration number for the financing statement to which the change demand relates.
21 Debtor PIN
The debtor PIN relating to the financing statement.
22 Grounds for demanding registration of change demand
A statement of the grounds set out in section 162 of the Act on which the debtor or person with an interest in the collateral is relying.
23 Description of matter demanded
A description of the matter demanded under section 163 of the Act.
24 Debtor or interested person
An indication as to whether it is the debtor or a person with an interest in the collateral to which the change demand relates who has entered the change demand.
25 Name of person entering change demand
The name of the person entering the change demand.
26 Details of demand under section 162 of Act
The following data relating to the details of the demand under section 162 of the Act:
(a) the date that the demand was given:
(b) the name of the person to whom the demand was given:
(c) the method of giving the demand.
Schedule 2
Forms
r 23
Form 1
Notice of intention to sell collateral under section 114 of Personal Property Securities Act 1999
Take notice that—
1 [Name and address of secured party] (the secured party) has taken possession of [description of collateral] (the collateral), which is subject to the security interest that—
(a) was created or provided for in the security agreement (the security agreement) dated [date]; and
(b) if perfected, was perfected on [date and time].
2 As at the date of this notice, the—
*(a) total amount of arrears due under the security agreement is [amount]:
*(b) amount of the secured party’s expenses of seizing the collateral is [amount]:
*(c) details of any other default under the security agreement are [details of default].
*Delete if inapplicable
3 The secured party intends to sell the collateral on or after the expiration of 10 working days after the giving of this notice.
4 After the sale of the collateral, the secured party intends to distribute, in accordance with section 117 of the Personal Property Securities Act 1999, any surplus after payment of the amounts owing to the secured party, including the costs of, and incidental to, the sale.
Important information for recipient of notice
1 You are strongly recommended to consult a solicitor about this notice without delay.
2 If you are the debtor, you may,—
(a) unless you have otherwise agreed in writing after default, in accordance with section 132(1) of the Personal Property Securities Act 1999, redeem the collateral in accordance with section 132 of the Personal Property Securities Act 1999. Your right has priority over any other person’s right to redeem the collateral; or
(b) unless you have otherwise agreed, reinstate the security agreement under section 133 of the Personal Property Securities Act 1999. Any right of reinstatement is subject, unless you have otherwise agreed, to section 134 of the Personal Property Securities Act 1999.
3 If you are not a debtor, you may, subject to the debtor’s prior right to redeem the collateral, redeem the collateral in accordance with section 132 of the Personal Property Securities Act 1999.
4 If there is a question as to who is entitled to receive any surplus, the secured party may pay the surplus into court under section 118 of the Personal Property Securities Act 1999.
Dated at [place] [date].
...........................Secured party
Notes
These notes are not part of the form.
1 The parties to a security agreement may contract out of certain provisions of the Personal Property Securities Act 1999. If this has occurred, this notice needs to be altered accordingly.
2 If the security interest is created or provided for by a mortgage over goods, then under section 114(4) of the Personal Property Securities Act 1999—
(a) sections 128 to 136 of the Property Law Act 2007 apply; and
(b) the notice of intention to sell collateral that is given under section 114(1) of the Personal Property Securities Act 1999 must be—
(i) in the form prescribed by regulations made under the Property Law Act 2007 (instead of being in this form); and
(ii) given to the persons referred to in sections 128 and 130 of the Property Law Act 2007 (instead of to the persons referred to in section 114(1) of the Personal Property Securities Act 1999).
Schedule 2 form 1: amended, on 1 January 2008, by regulation 5(1) of the Personal Property Securities Amendment Regulations (No 2) 2007 (SR 2007/362).
Schedule 2 form 1: amended, on 1 January 2008, by regulation 5(2) of the Personal Property Securities Amendment Regulations (No 2) 2007 (SR 2007/362).
Schedule 2 form 1: amended, on 1 January 2008, by regulation 5(3) of the Personal Property Securities Amendment Regulations (No 2) 2007 (SR 2007/362).
Form 2
Notice of proposal to retain collateral under section 120 of Personal Property Securities Act 1999
Take notice that—
1 [Name and address of secured party] (the secured party) with priority over all other secured parties has taken possession of [description of collateral] (the collateral), which is subject to a security interest that—
(a) was created or provided for in the security agreement (the security agreement) dated [date]; and
(b) if perfected, was perfected on [date and time].
2 As at the date of this notice, the—
*(a) total amount of arrears due under the security agreement is [amount]:
*(b) amount of the secured party’s expenses of seizing the collateral is [amount]:
*(c) details of any other default under the security agreement are [details of default].
*Delete if inapplicable
3 The secured party proposes to take the collateral in satisfaction of the obligation secured by it under section 120 of the Personal Property Securities Act 1999.
Important information for recipient of notice
1 You are strongly recommended to consult a solicitor about this notice without delay.
2 If you are the debtor, you may, unless you have otherwise agreed,—
(a) redeem the collateral in accordance with section 132 of the Personal Property Securities Act 1999. Your right has priority over any other person’s right to redeem the collateral, unless you have otherwise agreed; or
(b) reinstate the security agreement under section 133 of the Personal Property Securities Act 1999. Any right of reinstatement is subject, unless you have otherwise agreed, to section 134 of the Personal Property Securities Act 1999.
3 If you are not a debtor, you may, subject to the debtor’s prior right to redeem the collateral, redeem the collateral in accordance with section 132 of the Personal Property Securities Act 1999.
4 You may object under section 121 of the Personal Property Securities Act 1999 by giving the secured party a notice of objection within 10 working days after receiving this notice if you consider that you would be adversely affected by the secured party’s proposal.
Dated at [place] [date].
...........................Secured party
Note
This note is not part of the form.
The parties to a security agreement may contract out of certain provisions of the Personal Property Securities Act 1999. If this has occurred, this notice needs to be altered accordingly.
Schedule 2 form 2: amended, on 1 January 2008, by regulation 6 of the Personal Property Securities Amendment Regulations (No 2) 2007 (SR 2007/362).
Form 3
Notice of intention to remove accession under section 129 of Personal Property Securities Act 1999
Take notice that—
1 [Name and address of secured party], (the secured party) with priority over all other secured parties is entitled to remove the accession from the whole under a security interest that—
(a) was created or provided for in the security agreement (the security agreement) dated [date]; and
(b) if perfected, was perfected on [date and time].
2 As at the date of this notice, the—
*(a) total amount of arrears due under the security agreement is [amount]:
*(b) amount of the secured party’s expenses of seizing the collateral is [amount]:
*(c) details of any other default under the security agreement are [details of default].
*Delete if inapplicable
3 The secured party intends to remove [description of goods to be removed] from [description of other goods] after [date]† unless, on or before [date]†, the lesser of the following amounts is paid to the secured party:
(a) the amount secured [amount] as at the date of this notice:
(b) the value of the accession if the accession were removed from the other goods [value].
†Insert a date that is not less than 10 working days after the notice is given.
Important information for recipient of notice
1 You are strongly recommended to consult a solicitor about this notice without delay.
2 If you are the debtor, you may, unless you have otherwise agreed, reinstate the security agreement under section 133 of the Personal Property Securities Act 1999. Any right of reinstatement is subject, unless you have otherwise agreed, to section 134 of the Personal Property Securities Act 1999.
Dated at [place] [date].
...........................Secured party
Note
This note is not part of the form.
The parties to a security agreement may contract out of certain provisions of the Personal Property Securities Act 1999. If this has occurred, this notice needs to be altered accordingly.
Schedule 2 form 3: amended, on 1 January 2008, by regulation 6 of the Personal Property Securities Amendment Regulations (No 2) 2007 (SR 2007/362).
Marie Shroff,Clerk of the Executive Council.
Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 26 April 2001.
Contents
1General
2Status of reprints
3How reprints are prepared
4Changes made under section 17C of the Acts and Regulations Publication Act 1989
5List of amendments incorporated in this reprint (most recent first)
Notes
1 General
This is a reprint of the Personal Property Securities Regulations 2001. The reprint incorporates all the amendments to the regulations as at 1 August 2012, as specified in the list of amendments at the end of these notes.
Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .
2 Status of reprints
Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.
This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.
3 How reprints are prepared
A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.
4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.
A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.
In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:
•omission of unnecessary referential words (such as “of this section” and “of this Act”)
•typeface and type size (Times Roman, generally in 11.5 point)
•layout of provisions, including:
•indentation
•position of section headings (eg, the number and heading now appear above the section)
•format of definitions (eg, the defined term now appears in bold type, without quotation marks)
•format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)
•position of the date of assent (it now appears on the front page of each Act)
•punctuation (eg, colons are not used after definitions)
•Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly
•case and appearance of letters and words, including:
•format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)
•small capital letters in section and subsection references are now capital letters
•schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly
•running heads (the information that appears at the top of each page)
•format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).
5 List of amendments incorporated in this reprint (most recent first)
Personal Property Securities Amendment Regulations 2012 (SR 2012/126)
Land Transport (Road Safety and Other Matters) Amendment Act 2011 (2011 No 13): section 100(3)
Land Transport Amendment Act 2009 (2009 No 17): section 35(5)
Personal Property Securities Amendment Regulations (No 2) 2007 (SR 2007/362)
Personal Property Securities Amendment Regulations 2004 (SR 2004/133)
