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 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).