Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 325

Scope

             (1)  This section applies if:

                     (a)  this Division applies to a migrated security interest by virtue only of subsection 320(4) (migrated security interests); and

                     (b)  the operation of this Division in relation to the determination of priority between the migrated security interest and another security interest (whatever the nature of the other security interest) in relation to the same collateral would result in an acquisition of property from a person otherwise than on just terms.

Priority as if this Act had not been enacted

             (2)  The migrated security interest and the other security interest 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.