Commonwealth Consolidated Acts Commonwealth Consolidated ActsDetermination of registrable personal property
(1) At or after the migration time, and before the registration commencement time, the Registrar may, by legislative instrument, determine a class of personal property to be registrable if:
(a) data in a transitional register in relation to personal property of that class is given to the Registrar as mentioned in section 330 or 331; and
(b) registrations in that transitional register with respect to personal property of that class were effective immediately before the time the data was given to the Registrar.
Registration of determined personal property
(2) If, in the opinion of the Registrar, personal property is in a determined class, the Registrar may register a financing statement with respect to the property at or after the migration time, and before the registration commencement time.
Note: The Registrar must give a verification statement to each secured party after the registration of a financing statement (see section 156).
Matters to be included in registered data
(3) If, in the opinion of the Registrar, a financing statement under subsection (2) describes personal property that is the subject of a transitional security agreement, without limiting any other matters that may be included, the Registrar must, in the statement:
(a) either:
(i) if subsection (4) applies--state the transitional registration end time as the end time for the effective registration in respect of the personal property; or
(ii) if subsection (4) does not apply--not state an end time for the effective registration in respect of the personal property; and
(b) disclose that:
(i) the personal property is covered by a transitional security agreement; and
(ii) the transitional security agreement provides for a security interest that is a migrated security interest.
(4) This subsection applies if, in the Registrar's opinion, the registration of the interest in the personal property in the transitional register would have ended at a particular time (the transitional registration end time ) in accordance with the law under which the transitional register was maintained (as in force immediately before the migration time).
Registration time
(5) The registration time for the personal property is the registration commencement time.
Note: However, the migrated security interest in the personal property is perfected from immediately before the registration commencement time (see section 322).