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

Schedule 4   Personal Property Securities Act 2009

30   At the end of section 73 (before the note)

Add:

Interests arising under the general law

(7) The priority between an interest in collateral (the general law interest ) that arises by operation of the general law and a security interest in the same collateral is to be determined in accordance with an instrument made under subsection (8) if, and only if:

(a) no law of the Commonwealth (other than this Act and that instrument) provides for the priority between the general law interest and the security interest; and

(b) the instrument provides that this subsection applies to general law interests of that kind; and

(c) the general law interest arises after the instrument comes into effect.

(8) The Minister may make a legislative instrument for the purposes of subsection (7).

(9) Subsection (7) is subject to subsection (1).