Dear New Zealand Law Society,

We request under an OIA, are you the right organization to provide legal advice and information if so we request what type of advise do you provide;

If not, we request the release of information relating to your organization, how do you function and why are you called the law society?

Under an OIA request; can you release any information regarding the legaility of promissory notes provided to banks?

Are promissory notes legally binding, what needs to be in promissory notes to make it legally binding; is the legislation that also makes it binding;

What happens if banks do not comply with the New Zealand legislation?

Are banks governed by different rules, statues, acts, bills or something else?

I have added some legislation below, as an example that promissory notes and liens are legally written in the anz act;

LEGISLATION
ACTS RELATING TO PROMISSORY NOTES
ANZ

Chattels transfer act 1924
Chattels transfer act 1924 (15 Geo V 1924 No 49), s2 “instrument” means any bill of sale…..lien…..security….settlement….

(k) of the act “customary hire purchase agreements” as defined…..”instrument by way of security” means an instrument given to secure the payment of money or the performance of some obligation”

Section 4 (1) of the act; “all persons shall be deemed to have notice of an instrument and of the contents, when the instrument has been registered; PPSR?

Anz banking group NZ act 1979
ANZ banking group NZ act 1979, s2, “instrument by way of security” has the meaning in the Chattels transfer act 1924;

S2 anz banking group (new zealand) act 1979; liabilities means liabilities, debts, charges & obligations of every description (whether present or future, actual or contingent, and whether payable in NZ…..

S2 of the act; security means, “instrument by way of security, bill of exchange, promissory note, lien……….or any other means of securing a payment of a debt……..or the discharge of an obligation or liability, whether actual or contingent;

If a promissory note has been signed for by the bank, are they obligated to honor the note?

Is a promissory note seen to be financial instrument?

What would make a promissory note not legally binding?

Yours faithfully,

tina