Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Act is not intended to exclude or limit the operation of any of the following laws (a concurrent law ), to the extent that the law is capable of operating concurrently with this Act:
(a) a law of the Commonwealth (other than this Act);
(b) a law of a State or Territory;
(c) the general law.
(2) Without limiting subsection (1), this Act is not intended to exclude or limit the concurrent operation of a concurrent law, to the extent that the law has the effect of:
(a) providing for whether a matter or other thing that is created, arises or is provided for under the concurrent law constitutes personal property; or
(b) subject to section 258, prohibiting or limiting a person creating, acquiring or dealing with personal property or a security interest in personal property; or
(c) without limiting paragraph (b):
(i) prohibiting or limiting the right of a person to hold, transfer or assign a security interest in personal property; or
(ii) imposing limitations or additional obligations or requirements in relation to the enforcement of a security interest in personal property; or
(d) subject to sections 261 and 264, requiring or enabling a person to register a security interest (within the meaning of section 261); or
Note 1: Section 261 provides that a failure to register the security interest under the law does not limit the effect of the security interest or a security agreement for the security interest.
Note 2: Section 264 provides that, to the extent that the law would restrict or otherwise affect the operation of section 19 (attachment) or 21 (perfection) of this Act, the operation of the law is excluded.
(e) subject to section 262, requiring or enabling a person to register the assignment of a security interest (within the meaning of that section); or
Note: Section 262 provides that a failure to register the assignment under the law does not limit the effect of the assignment, the security interest or a security agreement for the security interest.
(f) subject to section 263, requiring a security agreement for a security interest, or for an assignment of a security interest (within the meaning of that section) to be in a particular form, or to be witnessed or executed in a particular way; or
Note: Section 263 provides that a failure to comply with such a requirement does not limit the effect of the security agreement, the security interest or the assignment.
(g) operating to extinguish (however described) a security interest in circumstances other than those provided under this Act; or
(h) providing for, or in relation to, a matter in a way that is expressly allowed by or under this Act.
Note: The following provisions of this Act expressly allow for the operation (or the limited operation) of State and Territory laws:
(a) section 73 (interests arising under laws of the Commonwealth, States and Territories);
(b) section 110 (rights and remedies of debtors and secured parties);
(c) section 119 (relationship with credit legislation);
(ca) section 140 (distribution of proceeds received by secured party);
(d) section 208 (cross - jurisdictional appeals);
(e) section 271 (entitlement to damages for breach of duties or obligations);
(f) subsections 275(5) and (6) (secured party to provide certain information relating to security interest);
(g) section 285 (service or giving of notices).
(3) To avoid doubt, this section does not apply to a law of a State or Territory, or the general law, to the extent that there is a direct inconsistency between this Act and that law.