New South Wales Consolidated Acts

REGISTRATION OF INTERESTS IN GOODS ACT 1986 - SECT 10A

10A Priority of registrable interests

(1) A registered interest ranks in priority over any unregistered interest, with respect to all debts or other pecuniary obligations (including contingent obligations) and all other obligations secured under the registered interest whenever arising.

(2) Registered interests rank in priority in the order in which they are registered, with respect to all debts or other pecuniary obligations (including contingent obligations) and all other obligations respectively secured under them whenever arising.

(3) If the creditor in whom a registrable interest is vested (whether or not it is a registered interest) takes possession of the goods, that registrable interest ranks in priority over any registered interest with respect to those goods that was registered after possession of the goods was taken. This subsection applies despite subsections (1) and (2).

(4) This section is subject to section 3B (Repairers’ liens).

(5) In this section:
"registered interest" means a registrable interest that is registered.
"unregistered interest" means a registrable interest that is not registered.