Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 326

Scope

             (1)  This section applies if:

                     (a)  Division 2 does not apply to a transitional security interest in collateral; and

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

Note:          For when Division 2 applies to a transitional security interest, see section 320.

             (2)  This section applies to a competing security interest:

                     (a)  whether or not the competing security interest is a transitional security interest; and

                     (b)  if the competing security interest is a transitional security interest--whether or not the competing security interest:

                              (i)  is a migrated security interest; or

                             (ii)  is a security interest to which Division 2 applies.

Priority rule

             (3)  The transitional security interest and the competing security interest in the collateral 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.