Commonwealth Numbered Acts Commonwealth Numbered ActsContinuous perfection prior to move to Australia
(1) A security interest in collateral that has been located in a jurisdiction (the foreign jurisdiction ) outside Australia, and is relocated to Australia, is taken to have been continuously perfected for the period covered by subsection (2) if:
(a) immediately before the collateral became located in Australia, the collateral was subject to a security interest, in accordance with a security agreement that was enforceable against third parties; and
(b) at the time the collateral becomes located in Australia, the collateral continues to be subject to that security interest in accordance with such a security agreement.
Note: For when personal property is located in a jurisdiction, see section 235.
(2) This subsection covers the period:
(a) starting:
(i) if the law of the foreign jurisdiction provides for the public registration or recording of the security interest, or a notice relating to the security interest, under law--when the registration occurs under that law; or
(ii) in any other case--when the security interest became effective against third parties under the law of the foreign jurisdiction; and
(b) ending when the property becomes located in Australia.
Temporary perfection after move to Australia
(3) If a security interest in collateral is continuously perfected under subsection (1), the security interest in the collateral is temporarily perfected for the period:
(a) starting at the time the property becomes located in Australia; and
(b) ending at the earlier of the following times:
(i) the end of 56 days after the day the collateral becomes located in Australia;
(ii) the end of 5 business days after the day the secured party has actual knowledge that the collateral has become located in Australia.
(4) However, the security interest in the collateral becomes unperfected at the end of the period mentioned in subsection (3), and is taken never to have been temporarily perfected, unless the security interest is perfected otherwise than under subsection (3) before the end of the period.