PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 85 Priority of crops

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 85

    A perfected security interest (the priority interest ) that is granted by a grantor in crops or the proceeds of crops has priority over any other security interest that is granted by the same grantor in the same crops or proceeds if:

  (a)   the priority interest is granted for value; and

  (b)   the priority interest is granted to enable the crops to be produced; and

  (c)   either:

  (i)   the security agreement providing for the priority interest is made while the crops are growing; or

  (ii)   the crops are planted during the period of 6 months after the day the security agreement providing for the priority interest is made.