Commonwealth Consolidated Acts Commonwealth Consolidated ActsDespite subsection 57(1), a transitional security interest in collateral that has been continuously perfected since the registration commencement time has priority over a security interest in the same collateral (other than a transitional security interest) that is currently perfected by control.
Note 1: Only security interests in certain kinds of property can be perfected by control (see paragraph 21(2)(c) and Part 2.3).
Note 2: Subsection 57(1) provides generally for security
interests currently perfected by control to have priority over other security
interests.