Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 75

                   A perfected security interest, held by an ADI, in an ADI account with the ADI has priority over any other perfected security interest in the ADI account, other than a security interest that is perfected by control in accordance with subparagraph 25(1)(a)(ii).

Note 1:       A security interest that is held by an ADI in an ADI account is perfected by control (see subparagraph 25(1)(a)(i)).

Note 2:       This provision does not affect any right of set‑off the grantor might have in relation to the account (see paragraph 8(1)(d)).