New South Wales Consolidated Acts

REGISTRATION OF INTERESTS IN GOODS ACT 1986 - SECT 12

12 Limited right to compensation following early failure to register

(1) Where:

(a) within the period of 6 months that next succeeds the day specified in an order in force under section 9 (1), the creditor under a registrable interest in goods of the class to which the order relates sustains a loss by reason of the operation of that section or a prescribed provision of a corresponding law, and

(b) there was not, immediately before that day, an order in force under section 9 (1) relating to goods of that class, and

(c) the creditor did not, before sustaining the loss, apply for registration of the registrable interest,

the creditor may apply to the Director-General for an order awarding compensation for the loss.

(2) Where, upon an application under subsection (1), the Director-General is satisfied that the applicant failed to apply for registration of the relevant registrable interest by reason of:

(a) circumstances beyond the control of the applicant, or

(b) circumstances from which it might reasonably be inferred that the applicant was not aware of the necessity to register the registrable interest in order to avoid sustaining a loss by reason of the operation of section 9 or a prescribed provision of a corresponding law,

the Director-General may make an order awarding the applicant compensation for the loss.