125
CurrentPriority of charge
Part 10Mutual recognition of freezing orders and confiscation of property
Division 3Charges on interstate property
125 Priority of charge
(1)
A charge created on property under section 123(1) —
(a)
is subject to every encumbrance on the property that came into existence before the charge and that would, apart from this subsection, have priority over the charge; and
(b)
has priority over all other encumbrances; and
(c)
subject to section 124, is not affected by any change of ownership of the property.
(2)
In accordance with the Personal Property Securities Act 2009 (Commonwealth) section 73(2)(a), it is declared that section 73(2) of that Act applies to a charge created on property under section 123(1).
[Section 125 amended: No. 42 of 2011 s. 15.]
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