Bankruptcy Act 1966

PART XVI - MISCELLANEOUS  

SECTION 302   CERTAIN PROVISIONS IN BILLS OF SALE ETC. TO BE VOID  

302(1)    

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A provision in a bill of sale, mortgage, lien, charge or PPSA security agreement:

(a) enabling the grantee, mortgagee, person entitled to the benefit of the lien or charge or PPSA secured party to exercise any power or remedy; or

(b) to the effect that the operation of the bill of sale, mortgage, lien, charge or PPSA security agreement is to be modified;

if the grantor, mortgagor, the person whose property is subject to the lien or charge or the PPSA grantor or debtor becomes a bankrupt or commits an act of bankruptcy or executes a personal insolvency agreement under this Act is void.

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History

S 302(1) amended by No 131 of 2009, s 3 and Sch 5 items 14 to 16, by substituting " , charge or PPSA security agreement " for " or charge " (first occurring), paras (a) and (b), and " , the person whose property is subject to the lien or charge or the PPSA grantor or debtor " for " or person whose property is subject to the lien or charge " , effective 30 January 2012. Paras (a) and (b) formerly read:

(a) enabling the grantee, mortgagee or person entitled to the benefit of the lien or charge to exercise any power or remedy; or

(b) to the effect that the operation of the bill of sale, mortgage, lien or charge is to be modified;

S 302(1) amended by No 80 of 2004, s 3 and Sch 1 item 179, by substituting " personal insolvency agreement " for " deed of assignment or a deed of arrangement " , effective 1 December 2004. For transitional provisions, see note under Part X heading.

302(2)    
This section extends to bills of sale, mortgages, liens and charges entered into or granted before the commencement of this Act.

302(3)    
This section extends to a PPSA security agreement entered into at or after the time this subsection commences.

Note:

This subsection commenced at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009 .

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History

S 302(3) inserted by No 131 of 2009, s 3 and Sch 5 item 17, effective 30 January 2012.

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