Enforcement of interests in prescribed goods
8 Enforcement of interests in prescribed goods
Subject to Chapter 9 (Transitional provisions) of the PPS Act and subclause (2):
sections 9 and 10 of the existing Act continue to apply to purchases that occurred before the registration commencement time, and
sections 3B, 10A and 11 of the existing Act continue to apply in relation to:
transitional security interests in prescribed goods, and
any other interests in prescribed goods that arose before the registration commencement time.
Note—
Chapter 9 of the PPS Act makes provision for matters of a transitional nature in relation to the commencement of the provisions of that Act. The PPS Act will start to apply to security interests in personal property (including transitional security interests) at the registration commencement time.
Section 308 of the PPS Act defines a transitional security interest to be a security interest provided for by a transitional security agreement if:
in the case of a security interest arising before the registration commencement time—the PPS Act would have applied in relation to the security interest immediately before the registration commencement time, but for section 310 (which provides for the Act to start to apply at that time), or
in the case of a security interest arising at or after the registration commencement time:
the transitional security agreement as in force immediately before the registration commencement time provides for the granting of the security interest, and
the PPS Act applies in relation to the security interest.
A transitional security agreement is an agreement or act by which a security interest of a kind to which the PPS Act applies is created, arises or is provided for and that was in force immediately before the registration commencement time.
If a registered interest (within the meaning of the existing Act) in prescribed goods becomes a migrated security interest (within the meaning of the PPS Act), the date (if any) recorded in the PPS Register as the date on which the interest was originally registered is taken to be the date on which the interest was originally registered under the existing Act in the absence of evidence to the contrary.
This Act’s bill:Explanatory memorandumSecond reading speech
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