Commonwealth Consolidated Acts

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PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 66

Application of this Division

  (1)   This Division   sets out the priority between 2 security interests (a transferor - granted interest and a transferee - granted interest) if:

  (a)   a grantor transfers collateral (the transferred collateral ) to a transferee; and

  (b)   immediately before the transfer, a security interest (the transferor - granted interest ) is attached to the collateral; and

  (c)   the transferee grants (whether before or after the transfer) a security interest (the transferee - granted interest ) in the transferred collateral; and

  (d)   neither the transferor - granted interest nor the transferee - granted interest is currently perfected by control.

Note 1:   If either or both of the interests are currently perfected by control under paragraph   21(2)(c), section   57 applies.

Note 2:   If the priority between a transferor - granted interest and a transferee - granted interest is not covered by this section, then section   55 applies.

Note 3:   For attachment and perfection in relation to transferred collateral, see section   34.

Note 4:   For a grantor's rights in relation to transferring collateral, see section   79.

  (2)   This Division   does not prevent a secured party from perfecting a security interest in any way in order to have priority over another security interest.



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