(1) A provision in a bill of sale, mortgage, lien, charge or PPSA security agreement:
(a) enabling the grantee, mortgagee, person entitled to the benefit of the lien or charge or PPSA secured party to exercise any power or remedy; or
(b) to the effect that the operation of the bill of sale, mortgage, lien, charge or PPSA security agreement is to be modified;
if the grantor, mortgagor, the person whose property is subject to the lien or charge or the PPSA grantor or debtor becomes a bankrupt or commits an act of bankruptcy or executes a personal insolvency agreement under this Act is void.
(2) This section extends to bills of sale, mortgages, liens and charges entered into or granted before the commencement of this Act.
(3) This section extends to a PPSA security agreement entered into at or after the time this subsection commences.
Note: This subsection commenced at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009 .