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

Schedule 4   Personal Property Securities Act 2009

18   Subsection 39(2)

Repeal the subsection, substitute:

(2) This subsection covers the period:

(a) starting at whichever of the following times is applicable:

(i) if the law of the foreign jurisdiction provides for the perfection (and the effect of perfection or non-perfection) of the security interest - when the security interest last became perfected under that law;

(ii) if subparagraph (i) does not apply to the law of the foreign jurisdiction, but that law provides for the public registration or recording of the security interest, or of a notice relating to the security interest - when the security interest, or such a notice, was so registered or recorded (or was last so registered or recorded);

(iii) if neither subparagraph (i) nor (ii) applies to the law of the foreign jurisdiction - when the security interest last became enforceable against third parties under that law; and

(b) ending when the property becomes located in Australia.

(2A) However, a security interest in collateral is not taken to have been continuously perfected under subsection (1) if, immediately before the collateral became located in Australia:

(a) in a case in which the law of the foreign jurisdiction provides for the perfection (and effect of perfection or non-perfection) of the security interest - the security interest was not perfected under that law; or

(b) in a case in which paragraph (a) does not apply to the law of the foreign jurisdiction, but that law provides for the public registration or recording of the security interest, or of a notice relating to the security interest - the security interest, or such a notice, was not so registered or recorded.