Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 21

             ( 1)  A security interest in particular collateral is perfected if:

                     (a)  the security interest is temporarily perfected, or otherwise perfected, by force of this Act; or

                     (b)  both:

                              (i)  the security interest is attached to the collateral; and

                             (ii)  subsection (2) applies.

             (2)  This subsection applies if:

                     (a)  for any collateral, a registration is effective with respect to the collateral; or

                     (b)  for any collateral, the secured party has possession of the collateral (other than possession as a result of seizure or repossession); or

                     (c)  for the following kinds of collateral, the secured party has control of the collateral:

                              (i)  an ADI account;

                             (ii)  an investment entitlement;

                            (iii)  an investment instrument;

                            (iv)  a negotiable instrument that is not evidenced by a certificate;

                             (v)  a right evidenced by a letter of credit that states that the letter of credit must be presented on claiming payment or requiring the performance of an obligation;

                            (vi)  satellites and other space objects.

Note:          For what constitutes possession and control of collateral, see Part 2.3.

             ( 3)  A security interest may be perfected regardless of the order in which attachment and any step mentioned in subsection (2) occur.

             (4)  A single registration may perfect one or more security interests.