Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if a law (the applicable law ) of a State or Territory has the effect of requiring or enabling a person to register a security interest.
Example: A law of a State or Territory may have this effect by requiring a person to register any interest acquired by the person in a motor vehicle including, but not limited to, a security interest.
(2) For the purposes of this section, a person registers a security interest under an applicable law if, under (or in accordance with) that law, the person registers, or otherwise discloses, any of the following:
(a) the security interest;
(b) a security agreement providing for the security interest;
(c) collateral covered (or to be covered) by the security interest.
Failure to register under applicable law
(3) A failure to register the security interest under the applicable law does not:
(a) affect the validity, priority or enforceability of the security interest, or of a security agreement providing for the security interest; or
(b) otherwise limit the effect of the security interest, or a security agreement providing for the security interest.
Note: In other respects this Act is not intended to exclude or limit the concurrent operation of the applicable law (see section 254).