Proceeds of Crime Act 2002

CHAPTER 4 - ADMINISTRATION  

PART 4-4 - CHARGES OVER RESTRAINED PROPERTY FOR PAYMENT OF CERTAIN AMOUNTS  

Division 2 - Charges to secure certain amounts payable to the Commonwealth  

SECTION 302C   Priority of charge  

302C(1)    
If a charge is created under section 302A in favour of the Commonwealth, the Commonwealth's charge:

(a) is subject to every * encumbrance on the property (other than an encumbrance in which the person who is liable to pay the amount owing under subsection 293(3) has an *interest) that came into existence before it and that would otherwise have priority; and

(b) has priority over all other encumbrances; and

(c) subject to section 302B , is not affected by any change of ownership of the property.

302C(2)    

Subsection 73(2) of the Personal Property Securities Act 2009 applies to the Commonwealth ' s charge (to the extent, if any, to which that Act applies in relation to the property charged).

Note 1:

The effect of this subsection is that the priority between the Commonwealth ' s charge and a security interest in the property to which the Personal Property Securities Act 2009 applies 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 Commonwealth charges created by section 302A after the commencement of subsection (2) (which is at the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).