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PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 261 When this Act prevails--registration requirements

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 261

When this Act prevails--registration requirements

Scope

  (1)   This section applies if a law (the applicable law ) of a State or Territory has the effect of requiring or enabling a person to register a security interest.

Example:   A law of a State or Territory may have this effect by requiring a person to register any interest acquired by the person in a motor vehicle including, but not limited to, a security interest.

  (2)   For the purposes of this section, a person registers a security interest under an applicable law if, under (or in accordance with) that law, the person registers, or otherwise discloses, any of the following:

  (a)   the security interest;

  (b)   a security agreement providing for the security interest;

  (c)   collateral covered (or to be covered) by the security interest.

Failure to register under applicable law

  (3)   A failure to register the security interest under the applicable law does not:

  (a)   affect the validity, priority or enforceability of the security interest, or of a security agreement providing for the security interest; or

  (b)   otherwise limit the effect of the security interest, or a security agreement providing for the security interest.

Note:   In other respects this Act is not intended to exclude or limit the concurrent operation of the applicable law (see section   254).