PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 251 Personal property taken free of security interest when Act begins to operate

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 251

    A person to whom personal property is transferred takes the property free of a security interest in the property at a particular time (the relevant time ) if:

  (a)   this Act did not operate under this Part   in relation to the security interest at a previous time; and

  (b)   if this Act had so operated, the person would have taken the property free of the security interest under this Act (other than this section); and

  (c)   at the relevant time, this Act begins to operate under this Part   in relation to the security interest.