Secured party or grantor is a partner
1.4 Secured party or grantor is a partner
For items 1 and 2 of the table in subsection 153(1) of the Act, this clause applies if the secured party or grantor is a partner in a partnership.
The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the partner mentioned in the item.
For subclause (2), the prescribed details are the details mentioned in the item of the table that:
applies to the partner; and
has the lowest item number.
Item 1 of the table applies only to a registration by the Registrar under subsection 333(2) of the Act.
Despite subclause (2), if an individual partner grants a security interest over the partner’s net interest in a partnership, the prescribed details are the details mentioned in the item of the table in clause 1.2 that:
applies to the partner; and
has the lowest item number.
Despite item 3 of the table, if a body corporate is a partner in a partnership that does not have an ABN, the prescribed details are the details mentioned in the item of the table in clause 1.3 that:
applies to the body corporate; and
has the lowest item number.
Item | Partner | Details | Source |
|---|---|---|---|
1 | Partner of a partnership for which details of the partnership have been included on the transitional register, for a migrated security interest | ABN, name of partner or name that identifies partnership, as recorded on the transitional register | Transitional register |
2 | Partner of a partnership that holds or has an interest in collateral in the course of, or for, an enterprise that has been allocated an ABN | ABN | Australian Business Register |
3 | Partner in any other partnership | Details mentioned in the item in the table in clause 1.2 that applies to the partner | Source of the details mentioned in the item in the table in clause 1.2 that applies to the partner |
This Act’s bill:Explanatory statement
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