Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 56

56 Application of Personal Property Securities Act 2009 (Cwlth)

(1) A project trust or retention trust—

(a) is declared to be a statutory interest to which section 73 (2) of the Personal Property Securities Act 2009 (Cwlth) applies; and

(b) has priority over all security interests in relation to all funds held in trust for the project trust or retention trust.

(2) In this section—

"security interest" has the meaning given by the Personal Property Securities Act 2009 (Cwlth) , section 12 .