Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 257

Scope

             (1)  This section sets out restrictions on the extent to which a security agreement is effective according to its terms under subsection 18(1).

Operation of other laws dealing with security agreements

             (2)  Subsection 18(1) is subject to each of the following laws:

                     (a)  a law of the Commonwealth (other than this Act);

                     (b)  a law of a State or a Territory;

                     (c)  the general law.

             (3)  However, a law mentioned in subsection (2) does not apply:

                     (a)  to the extent (if any) to which the operation of the law is affected by Division 4 (when this Act prevails); and

                     (b)  to the extent (if any) prescribed by the regulations.

Note:          Division 4 restricts the operation of State and Territory laws in certain respects, for example by preventing formal requirements under those laws from affecting the validity of security interests.