New South Wales Consolidated Acts

REGISTRATION OF INTERESTS IN GOODS ACT 1986 - SECT 3C

3C Relationship of this Act with Security Interests in Goods Act 2005

(1) The Security Interests in Goods Act 2005 provides for the following:

(a) the granting of mortgages over certain agricultural goods by means of the execution and registration under that Act of agricultural goods mortgages,

(b) the registration of certain other instruments ( "security instruments") by or under which security interests in goods are reserved, created or otherwise arise,

(c) that the registration of a security interest in goods under that Act will generally confer priority over unregistered interests and subsequently registered interests over the same goods,

(d) that nothing in that Act applies to or affects any security interest in goods that are prescribed goods under this Act.

Note: The term "agricultural goods" is defined in section 3 (1) of the Security Interests in Goods Act 2005 to mean crops, fish, stock or wool.

(2) The regulations may make provision for or with respect to matters of a savings or transitional nature consequent on goods being prescribed for the purposes of paragraph (b) of the definition of "prescribed goods" in section 3 (1) in circumstances where:

(a) the goods are prescribed on or after the commencement of section 5 (Relationship of this Act with general law and other Acts) of the Security Interests in Goods Act 2005 , and

(b) security instruments in respect of goods of that kind could have been registered under the Security Interests in Goods Act 2005 immediately before the goods were so prescribed.

(3) Without limiting subsection (2), the regulations may provide for the following:

(a) that registered security interests within the meaning of the Security Interests in Goods Act 2005 in respect of goods that have become prescribed goods are, or are not, to be treated as having been registered under this Act,

(b) that all or specified provisions of the Security Interests in Goods Act 2005 or this Act are, or are not, to apply to any such registered security interests.

(4) However, nothing in this Act applies to or affects any security interest in agricultural goods within the meaning of the Security Interests in Goods Act 2005 .