Commonwealth Consolidated Acts

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PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 262

When this Act prevails--assignment requirements

Scope

  (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 the assignment of a security interest.

  (2)   For the purposes of this section, a person registers the assignment of 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 in relation to a security interest that is (or is to be) assigned, however the assignment is described in that law:

  (a)   the assignment;

  (b)   a security agreement providing for the assignment;

  (c)   collateral covered (or to be covered) by the security interest.

  (3)   An assignment of a security interest mentioned in this section includes (but is not limited to) the following, however described in the applicable law:

  (a)   the transfer of the security interest;

  (b)   the creation of the security interest;

  (c)   the devolution of the security interest from a deceased person to another person upon the death of the deceased person.

Failure to register under applicable law

  (4)   A failure to register the assignment of the security interest under the applicable law does not:

  (a)   affect the validity of the assignment; or

  (b)   affect the validity, priority or enforceability of the security interest, or of a security agreement providing for the security interest; or

  (c)   otherwise limit the effect of the assignment, the security interest or of 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).


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