Northern Territory Consolidated Acts

REGISTRATION OF INTERESTS IN MOTOR VEHICLES AND OTHER GOODS ACT - SECT 13

(1) The Minister may, by notice in the Gazette , declare that on and from a specified day, this section applies to prescribed goods of a class specified in the notice.

(2) Where goods of a class specified in a notice under subsection (1) are the subject of a registrable interest (whether the registrable interest arose before, or arises on or after, the day specified in the notice), and the goods are purchased as provided by subsection (3) or (4) -

(a) the property (if any) in the goods of the creditor who has the registrable interest is divested from the creditor and vested in the purchaser; and

(b) the purchaser acquires the goods freed and discharged from the registrable interest.

(3) Goods are purchased as provided by this subsection if the goods are purchased -

(a) by a person who is not a dealer in the goods from a dealer in the goods;

(b) in good faith and for value; and

(c) with or without notice of the registrable interest.

(4) Goods are purchased as provided by this subsection if the goods are purchased otherwise than as referred to in subsection (3)(a) -

(a) from the debtor under the registrable interest to which the goods are subject;

(b) in good faith and for value; and

(c) without notice, at the time of payment of the purchase price, of the registrable interest.

(5) Subject to subsection (6), in any proceedings an assertion that a specified purchase was a purchase as provided by subsection (3) or (4) is, except in relation to the giving of value, evidence that the purchase specified was a purchase in accordance with the assertion.

(6) In any proceedings it shall be presumed, unless the contrary is proved, that a purchase is not a purchase as provided by subsection (3) or (4) if -

(a) the purchaser and the seller are corporations that are, for the purposes of the Corporations Act 2001, deemed to be related to each other;

(b) one of the purchaser and the seller is a corporation and the other a natural person who, within the meaning of the Corporations Act 2001, is a director or officer of the corporation; or

(c) the purchaser and the seller are related to, or associated with, each other as prescribed.

(7) In subsection (4) a reference to a purchase from the debtor under a registrable interest includes a reference to a purchase from a person other than the debtor who is in possession of the goods in circumstances where the debtor's right to possession of the goods has been lost or the debtor is estopped from asserting that right against the purchaser.