Commonwealth Numbered Acts Commonwealth Numbered ActsInsolvency/bankruptcy
(1) This Division applies to a transitional security interest in collateral at a particular time if, at the time, a secured party, grantor or debtor in relation to the security interest is insolvent or bankrupt.
Registration
(2) This Division also applies to a transitional security interest in collateral at a particular time (the applicable time ) if subsection (3) or (4) is satisfied at that time.
(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 (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) before the applicable time, a transitional 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).
(4) This subsection is satisfied if:
(a) collateral is covered by a transitional security agreement; and
(b) a registration is effective with respect to the collateral under section 333 (migrated data); and
(c) a secured party applies for:
(i) a new registration for the collateral; or
(ii) an amendment of the registration that was made under section 333; and
(d) as a result of the application, the Registrar has registered a financing statement, or a financing change statement, to give effect to, or to amend, the registration (even if the registration is no longer effective); and
(e) the registration mentioned in paragraph (d) discloses that the collateral is covered by a transitional security agreement; and
(f) a transitional security interest in the collateral that is a migrated security interest has arisen under the transitional security agreement.