Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section sets out restrictions on the extent to which a security agreement is effective according to its terms under subsection 18(1).
Operation of other laws dealing with security agreements
(2) Subsection 18(1) is subject to each of the following laws:
(a) a law of the Commonwealth (other than this Act);
(b) a law of a State or a Territory;
(c) the general law.
(3) However, a law mentioned in subsection (2) does not apply:
(a) to the extent (if any) to which the operation of the law is affected by Division 4 (when this Act prevails); and
(b) to the extent (if any) prescribed by the regulations.
Note: Division 4 restricts the operation of State and Territory laws in certain respects, for example by preventing formal requirements under those laws from affecting the validity of security interests.