Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 337

Scope

  (1)   This section applies if:

  (a)   a registration describes collateral covered by a transitional security agreement; and

  (b)   the transitional security agreement has given rise to a transitional security interest; and

  (c)   the registration would not, apart from this section, be effective in respect of the collateral because of a defect in the registered data (including the omission of data); and

  (d)   the Registrar has made a determination under subsection   (2) in relation to defects of that type; and

  (e)   the determination applies to the registration.

Note:   Sections   164 and 165 provide that serious or misleading defects in a registration, and certain particular types of defect, make a registration ineffective.

  (2)   For the purposes of paragraph   (1)(d), the Registrar may, by legislative instrument, determine that registrations in a stated class are effective despite stated types of defect.

  (3)   A determination under subsection   (2) may provide that the determination does not apply in relation to a stated type of defect unless the registration includes particular data in relation to the defect (or in substitution for omitted data).

Registration temporarily unaffected by the defect

  (4)   Despite sections   164 and 165, the defect does not make the registration ineffective for the period starting at the registration time for the collateral and ending at the following time:

  (a)   if the financing statement, as initially registered, states an end time--that end time (or an earlier end time, if the registration is amended to state an earlier end time);

  (b)   if the financing statement, as initially registered, does not state an end time--the end of the month that is 60 months after the registration commencement time (or an earlier end time, if the registration is amended to state an end time).

Registration becomes ineffective

  (5)   However, the registration becomes ineffective under section   164 because of the defect immediately after the end of the period mentioned in subsection   (4), unless, at or before that time, the registration is amended to correct the defect.