There have been high-profile cases overseas of legal claims being made on objects on loan. These claims may be based on disputed ownership of objects, or on other grounds. As a result, lenders are increasingly asking for legal protection against such claims. A growing number of jurisdictions have enacted IFS legislation, and such legislation is under consideration in several more countries.
The discussion paper seeks feedback on whether New Zealand should enact IFS legislation and, if so, what form it should take. It covers arguments for IFS legislation, potential risks, and policy issues that would need to be worked through before IFS legislation could be drafted.
Submissions on the discussion paper closed on Monday 24 September 2012. You can now read the submissions received on our website.
A pdf copy of the discussion paper is available on the Ministry's 'Research and Publications' webpage.
Updated on 23rd July 2015