This Part is about taking personal property free of security interests.

Rules are set out for when personal property may be bought or leased free of a security interest in relation to the following:

               (a)     unperfected security interests;

               (b)     personal, domestic or household property;

               (c)     serial number defects;

               (d)     certain motor vehicles;

               (e)     currency;

               (f)     taking in the ordinary course of business;

               (g)     taking investment interests or entitlements in the ordinary course of trading;

               (h)     investment instruments;

                (i)     investment entitlements.

                (j)     temporarily perfected security interests;

If a transferee takes personal property (or an accession) free of a security interest by the operation of this Part, the secured party's rights are subrogated to the rights of the transferor. Payment of the purchase price before the transferee receives notice of subrogation discharges the transferee's obligation (to the extent of the payment).