PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 86 Priority of livestock

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 86

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

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

  (b)   the priority interest is granted to enable the livestock to be fed or developed; and

  (c)   either:

  (i)   the livestock are held by the grantor at the time the security agreement providing for the priority interest is made; or

  (ii)   the livestock are acquired by the grantor during the period of 6 months after the day the security agreement providing for the priority interest is made.