Power of holder of fishing right to deal with fishing right
48 Power of holder of fishing right to deal with fishing right
Except where a condition of a fishing right provides otherwise, a holder of a fishing right may, subject to this section, deal with the fishing right as its absolute owner and give good discharges for any consideration for any such dealing.
A dealing mentioned in subsection (1) is subject to:
any rights appearing in the Register to be vested in another person, other than any such rights that are PPSA security interests; and
any rights or interests in the fishing right that are PPSA security interests, to the extent provided by the Personal Property Securities Act 2009.
Subsection (1) only protects a person who deals with such a holder as a purchaser in good faith for value and without notice of any fraud on the part of the holder.
Equities in relation to a fishing right may be enforced against the holder of the fishing right except to the prejudice of a person protected by subsection (2).
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