Export Control Act 2020

This section applies in relation to goods (compensable goods) in respect of which the Secretary may approve a payment of compensation under subsection 419(1).

Compensation approved under subsection 419(1) in respect of compensable goods must:

if there is only one owner of the compensable goods—be paid to the owner; or

if there are 2 or more owners of the compensable goods—be divided among those owners as prescribed by the rules.

Owner is defined in subsection (6).

An owner of compensable goods is not entitled to compensation under subsection 419(1) in respect of the goods unless a claim for compensation is made by or on behalf of the owner within 12 months after the goods were damaged or destroyed (as the case may be).

A claim for compensation under subsection (3) must:

if the Secretary has approved a form for such claims—be in that form; and

be accompanied by the documents (if any) prescribed by the rules.

The amount of compensation payable under subsection 419(1) is a reasonable amount prescribed by, or determined in accordance with, the rules.

In this section:

a person who had such an interest by reason only that the person was entitled to the benefit of a mortgage or other charge, or a lien, in respect of the goods (other than a PPSA security interest); or

a person who held a PPSA security interest in the goods;