Personal Property Securities (Consequential Amendments) Act 2009 (131 of 2009)
Schedule 1 Fisheries legislation
Fisheries Management Act 1991
12 After section 46
Insert:
46A Interests in fishing rights - priority between section 46 interests and PPSA security interests
Scope
(1) This section sets out the priority between the following interests in a fishing right:
(a) an interest (the section 46 interest ) that is the subject of a dealing (the section 46 dealing ), if the dealing has effect under section 46 (by registration);
(b) a PPSA security interest.
Priority rules
(2) The priority is as set out in the following table:
|
Priority between PPSA security interests and section 46 interests |
||
|
Item |
If … |
then … |
|
1 |
the PPSA security interest is not perfected (whether by registration or otherwise) within the meaning of the Personal Property Securities Act 2009 |
the section 46 interest has priority. |
|
2 |
(a) the PPSA security interest is perfected (whether by registration or otherwise) within the meaning of the Personal Property Securities Act 2009; and (b) the section 46 dealing is registered under section 46 of this Act before the priority time for the PPSA security interest under section 55 of the Personal Property Securities Act 2009 |
the section 46 interest has priority. |
|
3 |
(a) the PPSA security interest is perfected (whether by registration or otherwise) within the meaning of the Personal Property Securities Act 2009; and (b) the section 46 dealing is registered under section 46 of this Act at or after the priority time for the PPSA security interest under section 55 of the Personal Property Securities Act 2009 |
the PPSA security interest has priority. |
(3) Subsection 73(2) of the Personal Property Securities Act 2009 applies to the section 46 interest.
Note 1: The effect of subsection (3) is that the priority between a section 46 interest and a PPSA security interest in a fishing right is to be determined in accordance with this Act rather than the Personal Property Securities Act 2009.
Note 2: Subsection 73(2) of the Personal Property Securities Act 2009 applies to section 46 interests that arise after the commencement of subsection (3) of this section (which commences at the registration commencement time within the meaning of the Personal Property Securities Act 2009).