PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 297 Meaning of constructive knowledge

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 297

    For the purposes of this Act, a person (the first person ) has constructive knowledge of a circumstance if the first person would have had actual knowledge of the circumstance if the first person had:

  (a)   made the inquiries that would ordinarily have been made by an honest and prudent person in the first person's situation; or

  (b)   made the inquiries that would be made by an honest and prudent person with the first person's actual knowledge in the first person's situation.