Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(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.
(2) Declared goods subject to a registrable interest are purchased as provided by this subsection if they are purchased—
(a) by a person who is not a dealer in the goods from a dealer in the goods;
(b) except as provided by paragraph (c)—in good faith and for value; and
(c) with or without notice of the registrable interest.
(3) Declared goods subject to a registrable interest are purchased as provided by this subsection if the goods are purchased otherwise than as referred to in paragraph (2) (a)—
(a) from the debtor under the registrable interest;
(b) in good faith and for value; and
(c) without notice, at the time of payment of the purchase price, of the registrable interest.
(4) In any proceedings it shall be presumed, unless the contrary is proved, that a purchase is not a purchase as provided by subsection (2) or (3) if—
(a) the purchaser and the seller are corporations that are, for the purposes of the Corporations Law, 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 Law, 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 by regulations made under the NSW Act.
(5) In subsection (3), a reference to a purchase from the debtor under a registrable interest shall be read as including 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.