Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 21

  (1)   A security interest in particular collateral is perfected if:

  (a)   the security interest is temporarily perfected, or otherwise perfected, by force of this Act; or

  (b)   all of the following apply:

  (i)   the security interest is attached to the collateral;

  (ii)   the security interest is enforceable against a third party;

  (iii)   subsection   (2) applies.

  (2)   This subsection applies if:

  (a)   for any collateral, a registration is effective with respect to the collateral; or

  (b)   for any collateral, the secured party has possession of the collateral (other than possession as a result of seizure or repossession); or

  (c)   for the following kinds of collateral, the secured party has control of the collateral:

  (i)   an ADI account;

  (ii)   an intermediated security;

  (iii)   an investment instrument;

  (iv)   a negotiable instrument that is not evidenced by a certificate;

  (v)   a right evidenced by a letter of credit that states that the letter of credit must be presented on claiming payment or requiring the performance of an obligation;

  (vi)   satellites and other space objects.

Note:   For what constitutes possession and control of collateral, see Part   2.3.

  (3)   A security interest may be perfected regardless of the order in which attachment and any step mentioned in subsection   (2) occur.

  (4)   A single registration may perfect one or more security interests.