Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 72

                   The interest of a holder of a negotiable document of title has priority over a perfected security interest in the document of title if:

                     ( a)  the holder gave value for the document of title; and

                     (b)  the holder:

                              (i)  in the case of a holder who acquired the document of title in the ordinary course of the holder's business of acquiring documents of title of that kind--acquired the interest without actual or constructive knowledge that the acquisition constitutes a breach of the security agreement that provides for the security interest; or

                             (ii)  otherwise--acquired the negotiable instrument without actual or constructive knowledge of the security interest.