This Part deals with the transitional application of this Act.

Division 2 is about the determination of priority between a transitional security interest and another security interest when priority must be determined because of insolvency or bankruptcy, or because of registration. The Division also includes rules about attachment and perfection of the security interest.

Division 3 is about the determination of priority between a transitional security interests and another security interest when priority must be determined other than because of an insolvency or bankruptcy, or because of registration.

Divisions 4 and 5 deal with when collateral is taken free of a transitional security interest, and the vesting of unperfected transitional security interests in certain situations.

Division 6 is about the migration of data about personal property from Commonwealth, State and Territory registers onto the Personal Property Securities Register.

Division 7 provides for preparatory registration with respect to transitional security interests in anticipation of the commencement of the Personal Property Securities Register.

Division 8 provides rules for dealing with defective registrations with respect to transitional securities interests.