Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 75

    To avoid doubt, a perfected security interest, held by an ADI, in an ADI account with the ADI has priority over any other perfected security interest in the ADI account.

Note 1:   A security interest that is held by an ADI in an ADI account is perfected by control (see paragraph   21(2)(c) and section   25).

Note 2:   This provision does not affect any right of set - off the grantor might have in relation to the account (see paragraph   8(1)(d)).