PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 96 When person with an interest in the whole may retain accession

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 96

    A person, other than the grantor, who has an interest in the whole of goods that under this Act is subordinate to a security interest in an accession, may retain the accession if:

  (a)   the obligation to the secured party with a security interest that has priority over all other security interests in the accession is performed; or

  (b)   the secured party mentioned in paragraph   (a) is paid the value of the accession at the time of payment, if the accession were to be removed from the goods.