Queensland Numbered Acts

PERSONAL PROPERTY SECURITIES (ANCILLARY PROVISIONS) ACT 2010 No. 44 - SECT 226

(1) Section 51L(4)(c)--

omit, insert--

'(c) if there is an amount owing to an entity under a security interest registered for the removed thing under the Personal Property Securities Act 2009 (Cwlth)--the amount owing under the security interest;

(d) the balance to the owner of the removed thing or, if the owner can not be found, to the consolidated fund.'.

(2) Section 51L--

insert--

'(4A) A secured party can not enforce any security interest in the proceeds of sale against an entity to whom an amount is payable under subsection (4)(a) or (b).'.

(3) Section 51L(8)--

insert--

'secured party has the meaning given by the Personal Property Securities Act 2009 (Cwlth), section 10.'.