Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 278

278. (1) In this Division:

"priority time", in relation to a registered charge, means:

   (a)  except as provided by paragraph (b) or (c)-the time and date appearing
        in the Register in relation to the charge, being a time and day
        entered in the Register pursuant to section 265;

   (b)  where a notice has been lodged under section 264 in relation to a
        charge on property, being a charge that, at the time when the notice
        was lodged, was already registered under Division 2-the earlier or
        earliest time and day appearing in the Register in relation to the
        charge, being a time and day entered in the Register pursuant to
        section 264; and

   (c)  to the extent that the charge has effect as varied by a variation
        notice of which was required to be lodged under subsection 268 (2)-the
        time and day entered in the Register in relation to the charge
        pursuant to subsection 265 (14);

"prior registered charge", in relation to another registered charge, means a
charge the priority time of which is earlier than the priority time of the
other charge;

"subsequent registered charge", in relation to another registered charge,
means a charge the priority time of which is later than the priority time of
the other registered charge;

"registered charge" means a charge that is registered under Division 2;

"unregistered charge" means a charge that is not registered under Division 2
but does not include a charge that is not a registrable charge.

(2) A reference in this Division to a person having notice of a charge
includes a reference to a person having constructive notice of the charge.
(3) Where, by virtue of the definition of "priority time" in subsection (1), a
registered charge has 2 or more priority times each of which relates to a
particular liability secured by the charge, each of those liabilities shall,
for the purposes of this Division, be deemed to be secured by a separate
registered charge the priority time of which is the priority time of the
first-mentioned registered charge that relates to the liability concerned.