Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 336

Scope

             (1)  This section applies if, at or after the migration time, and before the registration commencement time:

                     (a)  a person applies to the Registrar for the registration of a financing statement that describes collateral (or a financing change statement amending such a financing statement); and

                     (b)  the application is in the approved form; and

                     (c)  the Registrar is satisfied on reasonable grounds that a transitional security interest will (whether before, at or after the registration commencement time) be:

                              (i)  attached to the collateral; and

                             (ii)  held by the person.

Registration

             (2)  Chapter 5 (Registration) applies in relation to the application for registration, and the registration of the financing statement (or financing change statement), subject to this section.

             (3)  The Registrar may register a financing statement that describes the collateral (or a financing change statement amending such a financing statement), in accordance with the application, at or after the migration time, and before the registration commencement time.

Note:          The Registrar must give a verification statement to each secured party after the registration of a financing statement (see section 156).

             (4)  The registration must disclose that the collateral is covered by a transitional security agreement.

             (5)  The registration time for the collateral is immediately before the registration commencement time.

Note:          See Division 2 for other perfection and priority rules that apply to the transitional security interest.