New Zealand Legislation: Acts

12 Part 9 (Enforcement of security interests)

• Part 9 contains a secured party's remedies when a debtor is in default. It does not, however, apply where the collateral is consumer goods or the security interest is created or provided for by a transfer of an account receivable or chattel paper, a lease for a term of more than 1 year that does not secure payment or performance of an obligation, or a commercial consignment that does not secure payment or performance of an obligation. The parties to a security agreement may agree to vary remedies to the extent that they do not relate to the rights of third parties.