Effect of sale or other disposal of property accepted by trust
21 Effect of sale or other disposal of property accepted by trust
This section applies to the sale or other disposal of any property under section 18.
The sale or other disposal is valid against all persons.
A secured party can not enforce any security interest in the property or the proceeds of sale against—
the trust; or
an entity to whom an amount is paid or payable under section 18(6)(a); or
an entity to whom the property is sold.
Compensation is not recoverable against the trust for the sale or other disposal.
In this section—
secured party has the meaning given by the Personal Property Securities Act 2009 (Cwlth), section 10.
security interest has the meaning given by the Personal Property Securities Act 2009 (Cwlth), section 12.
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