Commonwealth Numbered Acts Commonwealth Numbered ActsScope
(1) This section applies if the priority between 2 transitional security interests to which this Division applies comes to be determined under this Act in relation to the same collateral.
Note: For priority involving a transitional security interest to which this Division does not apply, see section 326.
During perfection period
(2) If the priority between 2 transitional security interests mentioned in an item in the following table comes to be determined under this Act during the period to which the item applies, the security interests have the priority between themselves that they would have had under the law that applied to such priority immediately before the registration commencement time, and as if this Act had not been enacted:
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Priority between transitional security interests during perfection period |
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Item |
Priority period |
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1 |
2 transitional security interests (other than migrated security interests) in the same collateral |
The shorter of the following periods: (a) the period mentioned in subsection 322(1) for the first transitional security interest; (b) the period mentioned in subsection 322(1) for the other transitional security interest. |
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2 |
A transitional security interest (other than a migrated security interest) and a migrated security interest in the same collateral |
The shorter of the following periods: (a) the period mentioned in subsection 322(1) for the transitional security interest that is not a migrated security interest; (b) the period mentioned in section subsection 323(1) for the migrated security interest. |
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3 |
2 migrated security interests in the same collateral |
The shorter of the following periods: (a) the period mentioned in subsection 323(1) for the first migrated security interest; (b) the period mentioned in subsection 323(1) for the other migrated security interest. |
Note: A migrated security interest is a type of transitional security interest (see section 332).
After perfection period
(3) If the priority between 2 transitional security interests mentioned in an item in the table in subsection (2) comes to be determined under this Act at a time after the end of the period to which the item applies:
(a) the security interests have the priority between themselves that is determined under this Act (apart from this section); but
(b) if the application of paragraph (a) would not result in either security interest having priority over the other--the security interests have the priority between themselves that they would have had under the law that applied to such priority immediately before the registration commencement time, and as if this Act had not been enacted.