Document ID: chunk:federal_register_of_legislation:C2024C00591:section:48
Version: federal_register_of_legislation:C2024C00591
Segment Type: section
Provision Reference: s 48
Character Range: 166088–167086

48  Power of holder of fishing right to deal with fishing right
 (1) 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.
 (1A) A dealing mentioned in subsection (1) is subject to:
 (b) any rights appearing in the Register to be vested in another person, other than any such rights that are PPSA security interests; and
 (c) any rights or interests in the fishing right that are PPSA security interests, to the extent provided by the Personal Property Securities Act 2009.
 (2) 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.
 (3) 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).