Commonwealth Numbered Acts Commonwealth Numbered ActsIf Division 4 (taking free etc. of transitional security interests on insolvency, bankruptcy or registration) does not apply to a transitional security interest in collateral:
(a) the law that would have applied immediately before the registration commencement time in relation to taking the collateral free of the security interest continues to apply in relation to taking the collateral free of the security interest at or after that time, as if this Act had not been enacted; and
(b) in the circumstances set out in subsection 267(1), the law that would have applied immediately before the registration commencement time in relation to the interest continues to apply in relation to the interest at or after that time as if this Act had not been enacted.
Note: Sections 267, 268 and 269 would otherwise provide for unperfected security interests to vest in the grantor in the circumstances described in subsection 267(1).