PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 72 Priority of holder of negotiable document of title

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 72

    The interest of a holder of a negotiable document of title has priority over a perfected security interest in the document of title if:

  (a)   the holder gave value for the document of title; and

  (b)   the holder:

  (i)   in the case of a holder who acquired the document of title in the ordinary course of the holder's business of acquiring documents of title of that kind--acquired the interest without actual or constructive knowledge that the acquisition constitutes a breach of the security agreement that provides for the security interest; or

  (ii)   otherwise--acquired the document of title without actual or constructive knowledge of the security interest.