Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 278

             (1)  In this Part:

"priority time" , in relation to a registered charge, means:

                     (a)  except as provided by paragraph (b) or (c)--the time and date appearing in the Register in relation to the charge, being a time and day entered in the Register pursuant to section 265; and

                     (b)  where a notice has been lodged under section 264 in relation to a charge on property, being a charge that, at the time when the notice was lodged, was already registered under Part 2K.2--the earlier or earliest time and day appearing in the Register in relation to the charge, being a time and day entered in the Register pursuant to section 264; and

                     (c)  to the extent that the charge has effect as varied by a variation notice of which was required to be lodged under subsection 268(2)--the time and day entered in the Register in relation to the charge pursuant to subsection 265(14).

"prior registered charge" , in relation to another registered charge, means a charge the priority time of which is earlier than the priority time of the other charge.

"registered charge" means a charge that is registered under Part K.2.

"subsequent registered charge" , in relation to another registered charge, means a charge the priority time of which is later than the priority time of the other registered charge.

"unregistered charge" means a charge that is not registered under Part 2K.2 but does not include a charge that is not a registrable charge.

             (2)  A reference in this Part to a person having notice of a charge includes a reference to a person having constructive notice of the charge.

             (3)  Where, by virtue of the definition of priority time in subsection (1), a registered charge has 2 or more priority times each of which relates to a particular liability secured by the charge, each of those liabilities is, for the purposes of this Part, taken to be secured by a separate registered charge the priority time of which is the priority time of the first‑mentioned registered charge that relates to the liability concerned.