Commonwealth Numbered Acts Commonwealth Numbered ActsScope
(1) This section applies if:
(a) a registration describes collateral covered by a transitional security agreement; and
(b) the registration would not, apart from this section, be effective in respect of the collateral because of a defect (a section 165 defect ) mentioned in section 165 that arises at a particular time (the defect time ); and
(c) the transitional security agreement has given rise to a transitional security interest; and
(d) the Registrar determines that registrations in a particular class are effective despite section 165 defects that are stated in the determination; and
(e) the determination applies to the registration mentioned in paragraph (a).
(2) The Registrar may, by legislative instrument, make a determination for the purposes of paragraph (1)(d).
Registration temporarily unaffected by the defect
(3) Despite sections 164 and 165, the section 165 defect does not make the registration ineffective for the period starting at the defect time and ending at the following time:
(a) unless the transitional security interest is a migrated security interest--the end of the month that is 36 months after the end of the period mentioned in subsection 322(1);
(b) if the transitional security interest is a migrated security interest--the end time included in the registration under subsection 333(3).
Registration becomes ineffective
(4) However, the registration becomes ineffective under sections 164 and 165 because of the defect immediately after the time mentioned in subsection (3), unless, at or before that time, the registration is amended to correct the defect.