Commonwealth Consolidated Acts Commonwealth Consolidated ActsContinuous perfection prior to move to Australia
(1) A security interest in collateral that has been located in a jurisdiction (the foreign jurisdiction ) outside Australia, and is relocated to Australia, is taken to have been continuously perfected for the period covered by subsection (2) if, immediately before the collateral became located in Australia, and at the time it became so located:
(a) the security interest was effective; and
(b) the security agreement providing for the security interest was enforceable against third parties.
Note: For when personal property is located in a jurisdiction, see section 235.
(2) This subsection covers the period:
(a) starting at whichever of the following times is applicable:
(i) if the law of the foreign jurisdiction provides for the perfection (and the effect of perfection or non - perfection) of the security interest--when the security interest last became perfected under that law;
(ii) if subparagraph (i) does not apply to the law of the foreign jurisdiction, but that law provides for the public registration or recording of the security interest, or of a notice relating to the security interest--when the security interest, or such a notice, was so registered or recorded (or was last so registered or recorded);
(iii) if neither subparagraph (i) nor (ii) applies to the law of the foreign jurisdiction--when the security interest last became enforceable against third parties under that law; and
(b) ending when the property becomes located in Australia.
(2A) However, a security interest in collateral is not taken to have been continuously perfected under subsection (1) if, immediately before the collateral became located in Australia:
(a) in a case in which the law of the foreign jurisdiction provides for the perfection (and effect of perfection or non - perfection) of the security interest--the security interest was not perfected under that law; or
(b) in a case in which paragraph (a) does not apply to the law of the foreign jurisdiction, but that law provides for the public registration or recording of the security interest, or of a notice relating to the security interest--the security interest, or such a notice, was not so registered or recorded.
Temporary perfection after move to Australia
(3) If a security interest in collateral is continuously perfected under subsection (1), the security interest in the collateral is temporarily perfected for the period:
(a) starting at the time the property becomes located in Australia; and
(b) ending at the earlier of the following times:
(i) the end of 56 days after the day the collateral becomes located in Australia;
(ii) the end of 5 business days after the day the secured party has actual knowledge that the collateral has become located in Australia.
(4) However, the security interest in the collateral becomes unperfected at the end of the period mentioned in subsection (3), and is taken never to have been temporarily perfected, unless the security interest is perfected otherwise than under subsection (3) before the end of the period.