Personal Property Securities (Consequential Amendments) Act 2009 (131 of 2009)

Schedule 3   Maritime legislation

Navigation Act 1912

10   After subsection 298(2)

Insert:

(2A) A charge that arises under subsection (2) has priority over any PPSA security interest in the ship.

(2B) Subsection 73(2) of the Personal Property Securities Act 2009 applies to a charge that arises under subsection (2).

Note 1: The effect of subsection (2B) is that the priority between a charge that arises under subsection (2) and a PPSA security interest 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 charges that arise under subsection (2) that arise after the commencement of subsection (2B) of this section (which commences at the registration commencement time within the meaning of the Personal Property Securities Act 2009).