Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 42

    This Part:

  (a)   applies to a security interest:

  (i)   whether or not the security interest is perfected (except in sections   43 (unperfected interests) and 52 (temporarily perfected interests)); and

  (ii)   whether the security interest attaches to personal property as original collateral or as proceeds; and

  (b)   does not apply to the acquisition of an interest in personal property free of a security interest if the interest that is taken is itself a security interest (except in sections   50 (investment instruments) and 51 (intermediated securities)).

Note:   Some acquisitions to which section   50 applies, and all acquisitions to which section   51 applies, consist of the taking of security interests (see subsections   50(3) and 51(1)).