PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 336 Preparatory registration--transitional security interests

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 336

Application for preparatory registration

  (1)   At or after the migration time, and before the registration commencement time, a person may apply to the Registrar, in the approved form, for the registration of any of the following:

  (a)   a financing statement that describes collateral with respect to a transitional security interest;

  (b)   a financing statement with respect to personal property prescribed by regulations made for the purposes of paragraph   148(c);

  (c)   a financing change statement to amend a financing statement mentioned in paragraph   (a) or (b) that is registered under this section.

  (2)   The Registrar may accept an application made under subsection   (1), but only if:

  (a)   in the case of a financing statement, or a financing change statement, with respect to a transitional security interest--the Registrar is satisfied on reasonable grounds that a transitional security interest will (whether before, at or after the registration commencement time) be:

  (i)   attached to the collateral; and

  (ii)   held by the applicant; and

  (b)   in any case--in the Registrar's opinion, it is operationally practicable for the Registrar to register the financing statement, or financing change statement, before the registration commencement time.

Registration

  (3)   If the Registrar accepts the application for registration, the Registrar may register the financing statement (or financing change statement), in accordance with the application, before the registration commencement time.

Note:   The Registrar must give a verification statement to a secured party affected by the registration.

  (4)   A registration under this section with respect to a transitional security interest must disclose that the collateral is covered by a transitional security agreement.

  (5)   In the case of a registration with respect to a transitional security interest, the registration time for the collateral is the registration commencement time.

Note:   However, a transitional security interest in the personal property arising under the agreement is perfected from immediately before the registration commencement time, no matter whether the security interest arises before, at or after that time (see section   322).

  (6)   Chapter   5 (registration) applies in relation to an application for registration under this section, and to such a registration, subject to this section.