Chattel Securities Act 1987

A dealer shall not supply any goods in the course of a business without first procuring the discharge of any inventory security interest created by the dealer in the goods.

Subsection (1) does not apply in relation to the sale, exchange or disposition of a vehicle as defined in section 5(2) of the Motor Vehicle Dealers Act 1973 that is subject to an inventory security interest by a licensed motor vehicle dealer as defined in that Act if the sale, exchange or disposition is authorised by and in accordance with the terms of the inventory security interest.

A dealer shall not supply any goods in the course of a business without first procuring the discharge of —

any security interest of which the dealer has notice; and

any registered security interest whether or not the dealer has notice of the interest; and

if the vehicle is not licensed under the Road Traffic (Vehicles) Act 2012 but is registered or licensed under the law of another State or a Territory, any security interest in the vehicle registered under the provisions of a law of that State or Territory corresponding to the provisions of this Act (whether or not those provisions are declared under section 3(8) to be a corresponding law of that State or Territory for the purposes of this Act).

Without affecting the operation of subsection (2), subsections (1) and (3) do not apply to the extent or in the circumstances prescribed by the regulations.