New Zealand Acts

MAORI VESTED LANDS ADMINISTRATION ACT 1954 - SECT 4B

4B Security over vested land

1 An assignment by way of security of the equitable and beneficial freehold interest in vested land of any person may be effected by the registration in the Maori Land Court of a memorial of assignment in the prescribed form, executed by the owner of the interest as assignor.

2 On production of any such memorial and payment of the prescribed fee, the Registrar of the Maori Land Court shall register the same by making a note thereof in the court's records of equitable ownership of the vested land concerned.

3 The assignment of any interest as aforesaid shall vest in the assignee the right to receive during the currency of the assignment any money payable by the Māori Trustee in respect of that interest.

4 On written application by the assignee, and on payment of the prescribed fee, the Registrar shall cancel the entry in the court's records relating to any such assignment.

5 On application by the assignor, and on being satisfied that the obligation secured by the assignment has been duly met, the court shall direct the Registrar to cancel the entry relating to the assignment.

6 On application by the assignee, the court may by order vest in the assignee absolutely the assigned interest or such part of it as in the court's opinion is sufficient to discharge the obligation of the assignor to the assignee. Before making any order under this subsection, the court shall be satisfied as follows:

a) that reasonable notice of the hearing of the application has been given to the assignor or his representative; and

b) that notice requiring the assignor to remedy any default in meeting his obligation secured by the assignment and intimating an intention to proceed under this subsection failing remedy of the default by a date not less than 2 months after the date when the notice was served on the assignor or his representative, and the default has not been remedied.

7 The court may, with or without conditions, waive any requirement under subsection (6) for the service of any notice upon the assignor or his representative if it is satisfied that his whereabouts are unknown.

History: Section 4B: inserted, on 1 April 1968, by section 151 of the Maori Affairs Amendment Act 1967 (1967 No 124).   Section 4B(3): amended, on 1 July 2009, pursuant to section 30(2)(a) of the Māori Trustee Amendment Act 2009 (2009 No 12).