Certain provisions in contracts etc. to be void
301 Certain provisions in contracts etc. to be void
A provision in a contract or agreement for the sale of property, in a lease of property, in a hire‑purchase agreement, in a licence or in a PPSA security agreement to the effect that:
the contract, agreement, lease, hire‑purchase agreement, licence or PPSA security agreement is to terminate, or may be terminated by the vendor, lessor, owner, licensor or PPSA secured party; or
the operation of the contract, agreement, lease, hire‑purchase agreement, licence or PPSA security agreement is to be modified; or
property to which the contract, agreement, lease, hire‑purchase agreement, licence or PPSA security agreement relates may be repossessed by or on behalf of the vendor, lessor, owner, licensor or PPSA secured party;
if the purchaser, lessee, hirer, licensee or PPSA grantor or debtor becomes a bankrupt or commits an act of bankruptcy or executes a personal insolvency agreement under this Act is void.
This section extends to contracts, agreements, leases, hire‑purchase agreements and licences entered into or granted before the commencement of this Act.
This section extends to a PPSA security agreement entered into at or after the time this subsection commences.
This subsection commenced at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009.
In this section:
lease includes an agreement for a lease.
lessee includes a person who has agreed to take a lease.
lessor includes a person who has agreed to grant a lease.
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