Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 320

Insolvency/bankruptcy

             (1)  This Division applies to a transitional security interest in collateral if:

                     (a)  the priority between the transitional security interest in the collateral and another security interest in the same collateral comes to be determined under this Act; and

                     (b)  that priority comes to be determined because of an insolvency or bankruptcy.

Registration

             (2)  This Division also applies to a transitional security interest in collateral if subsection (3) or (4) is satisfied in relation to the transitional security interest in collateral and another security interest in the same collateral.

             (3)  This subsection is satisfied if:

                     (a)  collateral is covered by a transitional security agreement; and

                     (b)  a registration is, or has been, effective with respect to the collateral before the end of the month that is 24 months after the registration commencement time (even if the registration is no longer effective); and

                     (c)  that registration discloses that the collateral is covered by a transitional security agreement; and

                     (d)  a transitional security interest (other than a migrated security interest) in the collateral arises under the transitional security agreement (whether the interest arises before, at or after the registration time for the collateral); and

                     (e)  the priority between the transitional security interest in the collateral and another security interest in the same collateral comes to be determined under this Act.

             (4)  This subsection is satisfied if:

                     (a)  collateral is covered by a transitional security agreement; and

                     (b)  a registration is, or has been, effective with respect to the collateral under section 333 (migrated data) (even if the registration is no longer effective); and

                     (c)  a transitional security interest in the collateral that is a migrated security interest has arisen under the transitional security agreement; and

                     (d)  the priority between the migrated security interest in the collateral and another security interest in the same collateral comes to be determined under this Act.

Exception

             (5)  This Division does not apply to a transitional security interest of a class prescribed by regulations made for the purposes of this section.