Personal Property Securities Act. Australia

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СКАЧАТЬ foreign jurisdiction, but that law provides for the public registration or recording of the security interest, or of a notice relating to the security interest — the security interest, or such a notice, was not so registered or recorded.

      Temporary perfection after relocation event

      (3) If a security interest in collateral is continuously perfected under subsection (1), the security interest in the collateral is temporarily perfected for the period:

      (a) starting at the time of the relocation event; and

      (b) ending at the earlier of the following times:

      (i) the end of 56 days after the day of the relocation event;

      (ii) the end of 5 business days after the day the secured party has actual knowledge of the relocation event.

      (4) However, the security interest in the collateral becomes unperfected at the end of the period mentioned in subsection (3), and is taken never to have been temporarily perfected, unless the security interest is perfected otherwise than under subsection (3) before the end of the period.

      Exceptions

      (5) This section does not apply to:

      (a) intellectual property, an intellectual property licence or an ADI account; or

      (b) a negotiable instrument.

      Note: The property mentioned in paragraph (5)(a) is intangible property; negotiable instruments are financial property (see section 10).

      Part 2.5

      Taking personal property free of security interests

      41 Guide to this Part

      This Part is about taking personal property free of security interests.

      Rules are set out for when personal property may be bought or leased free of a security interest in relation to the following:

      (a) unperfected security interests;

      (b) serial number defects;

      (c) motor vehicles;

      (d) taking in the ordinary course of business;

      (e) personal, domestic or household property;

      (f) currency;

      (g) taking investment instruments or intermediated securities in the ordinary course of trading;

      (h) investment instruments;

      (i) intermediated securities;

      (j) temporarily perfected security interests.

      If a transferee takes personal property (or an accession) free of a security interest by the operation of this Part, the secured party’s rights are subrogated to the rights of the transferor. Payment of the purchase price before the transferee receives notice of subrogation discharges the transferee’s obligation (to the extent of the payment).

      42 Application of this Part

      This Part:

      (a) applies to a security interest:

      (i) whether or not the security interest is perfected (except in sections 43 (unperfected interests) and 52 (temporarily perfected interests)); and

      (ii) whether the security interest attaches to personal property as original collateral or as proceeds; and

      (b) does not apply to the acquisition of an interest in personal property free of a security interest if the interest that is taken is itself a security interest (except in sections 50 (investment instruments) and 51 (intermediated securities)).

      Note: Some acquisitions to which section 50 applies, and all acquisitions to which section 51 applies, consist of the taking of security interests (see subsections 50(3) and 51(1)).

      43 Taking personal property free of unperfected security interest

      Main rule

      (1) A buyer or lessee of personal property, for value, takes the personal property free of an unperfected security interest in the property.

      Exception

      (2) Subsection (1) does not apply if the unperfected security interest was created or provided for by a transaction to which the buyer or lessee is a party, unless the personal property concerned is of a kind prescribed by the regulations for the purposes of this subsection.

      44 Taking personal property free of security interest if serial number incorrect or missing

      Main rule

      (1) A buyer or lessee of personal property takes the personal property free of a security interest in the property if:

      (a) the regulations provide that personal property of that kind may, or must, be described by serial number in a registration; and

      (b) searching the register, immediately before the time of the sale or lease, by reference only to the serial number of the property, would not disclose a registration that perfected the security interest.

      Exceptions

      (2) Subsection (1) does not apply if:

      (a) the buyer or lessee holds the personal property:

      (i) as inventory; or

      (ii) on behalf of a person who would hold the collateral as inventory; or

      (b) the security interest was created or provided for by a transaction to which the buyer or lessee is a party, unless the personal property concerned is of a kind prescribed by regulations for the purposes of this paragraph.

      (3) Within the period of 24 months after the registration commencement time, subsection (1) does not apply if the security interest is a transitional security interest, other than:

      (a) a migrated security interest in a motor vehicle; or

      (b) a migrated security interest in a watercraft within the meaning of the regulations.

      45 Taking motor vehicles free of security interest

      Incorrect or missing serial number

      (1) A buyer or lessee, for new value, of a motor vehicle of a kind prescribed by the regulations for the purpose of this section, takes the motor vehicle free of a security interest in the motor vehicle if:

      (a) the regulations provide that motor vehicles of that kind may, or must, be described by serial number; and

      (b) there is a time during the period between the start of the previous day and the time of the sale or lease by reference to which a search of the register (by reference otherwise only to the serial number of the motor vehicle) would not disclose a registration that perfected the security interest; СКАЧАТЬ