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CORPORATIONS ACT 2001 - SECT 278

Definitions

(1) In this Part:

"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; and

(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 Part 2K.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.

"registered charge" means a charge that is registered under Part K.2.

"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.

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

(2) A reference in this Part 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 is, for the purposes of this Part, taken 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.


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