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Queensland
BILLS OF SALE AND OTHER
SECURITIES AMENDMENT
BILL 1998
Queensland
BILLS OF SALE AND OTHER
SECURITIES AMENDMENT BILL 1998
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
PART 2--AMENDMENT OF BILLS OF SALE AND OTHER
INSTRUMENTS ACT 1955
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
4 Replacement of s 2 (Commencement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2 Act binds all persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
5 Amendment of s 6 (Meaning of terms) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
6 Replacement of pt 2 (Registrations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
PART 2--REGISTRATION AND ITS EFFECTS
Division 1--Application of part
7 Application of pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Division 2--The register and registration
8 Register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
9 Application for registration of security interest . . . . . . . . . . . . . . . . . 12
10 Application for renewal of registration of security interest . . . . . . . 12
11 Registration, or renewal of registration, of security interest . . . . . . 13
12 Expiry of registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Division 3--Other provisions about registration and registered
security interests
13 Inspecting the register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Copies of documents to which security interest relates . . . . . . . . . . 14
15 Registration of restraining orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2
Bills of Sale and Other Securities Amendment
16 Application for registration of assignment of registered
security interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
17 Registration of assignment of a registered security interest . . . . . . . 15
18 Effect of failure to register a security interest . . . . . . . . . . . . . . . . . . 15
18A Priority given from time of registration . . . . . . . . . . . . . . . . . . . . . . . 15
18B Priority of security interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Division 4--Discharge of registered security interests
18C Application for discharge of registered security interest . . . . . . . . . 17
18D Registration of discharge of registered security interest . . . . . . . . . . 17
18E Duty after interest fully discharged . . . . . . . . . . . . . . . . . . . . . . . . . . 17
18F Borrower may seek registration of discharge or change in
particulars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Division 5--Changes to register
18G Changes to particulars in register . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
18H Correction of errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
18I Removal of particulars of improperly registered interests . . . . . . . . 20
Division 6--Compensation for loss
18J Application of div 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
18K Compensation for loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Division 7--General
18L Chief executive to be satisfied stamp duty has been
accounted for . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
7 Amendment of s 19 (Contents of instruments) . . . . . . . . . . . . . . . . . . . . . . . 24
8 Amendment of s 20 (Instrument to be attested and when
registered to have effect of a deed) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
9 Omission of s 22 (Instrument subject to defeasance etc. of no
effect in certain cases) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
10 Omission of pt 4, div 1 (Optional registration of assignments of
book debts) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
11 Amendment of s 25 (Stock mortgages) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
12 Amendment of s 27 (Stock to include increase of stock etc.) . . . . . . . . . . . 25
13 Amendment of s 30 (Grantor may provide for grantee to have
wool from mortgaged sheep) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
14 Amendment of s 31 (Liens may be given on crops) . . . . . . . . . . . . . . . . . . . 26
15 Amendment of s 32 (Savings of existing mortgages etc.) . . . . . . . . . . . . . . 26
3
Bills of Sale and Other Securities Amendment
16 Omission of s 33 (Duration of registration of liens on crops) . . . . . . . . . . . . 26
17 Amendment of s 34 (Security may be given over wool) . . . . . . . . . . . . . . . 26
18 Amendment of s 35 (Wool to continue subject to lien despite
subsequent sale or mortgage) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
19 Amendment of s 36 (Grantee may take possession and shear
sheep subject to the lien if grantor neglects to do so) . . . . . . . . . . . . . . . . . 27
20 Replacement of s 37 (Instrument by way of security securing an
account current) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
37 Security interest securing account current . . . . . . . . . . . . . . . . . . . . . 27
21 Insertion of new ss 37A37C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
37A False or misleading statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
37B False or misleading documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
37C Protection from liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
22 Replacement of s 38 (Delegations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
38 Delegations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
23 Amendment of s 49 (Registrar is registrar for repealed State
Securities Registration Act 1925) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
24 Insertion of new pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
PART 6--TRANSITIONAL AND SAVING PROVISIONS FOR
BILLS OF SALE AND OTHER SECURITIES AMENDMENT ACT 1998
50 Transitional provisions about register . . . . . . . . . . . . . . . . . . . . . . . . . 30
51 Transitional provision about registered instruments . . . . . . . . . . . . . 30
52 Transitional provision about crop liens . . . . . . . . . . . . . . . . . . . . . . . 30
53 Transitional provision about expiry of liens on wool . . . . . . . . . . . . 30
54 Transitional provision about stock mortgages and certain
other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
55 Saving of priority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
PART 3--AMENDMENT OF LIENS ON CROPS OF SUGAR
CANE ACT 1931
25 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
26 Amendment of s 2 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
27 Insertion of new ss 33A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
3 Application of s 2 to certain instruments . . . . . . . . . . . . . . . . . . . . . . 33
3A Act binds all persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
28 Replacement of ss 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
4
Bills of Sale and Other Securities Amendment
4 Charge on crop to be created by instrument . . . . . . . . . . . . . . . . . . . 33
5 Register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
6 Application for registration of lien . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
7 Application for renewal of registration of lien . . . . . . . . . . . . . . . . . . 34
7A Registration, or renewal of registration, of lien . . . . . . . . . . . . . . . . . 35
7B Expiry of registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
7C Inspecting the register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
7D Copies of instrument creating lien . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
7E Application for registration of assignment of registered lien . . . . . . 36
7F Registration of assignment of a registered lien . . . . . . . . . . . . . . . . . 36
7G Effect of failure to register lien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
7H Priority given from time of registration . . . . . . . . . . . . . . . . . . . . . . . 37
7I Priority of liens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
7J Application for discharge of registered lien . . . . . . . . . . . . . . . . . . . . 37
7K Registration of discharge of registered lien . . . . . . . . . . . . . . . . . . . . 38
7L Duty after lien fully discharged . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
7M Lienor may seek registration of discharge or change in
particulars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
7N Changes to particulars in register . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
7O Correction of errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
7P Application of compensation provision . . . . . . . . . . . . . . . . . . . . . . . 41
7Q Compensation for loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
7R Chief executive to be satisfied stamp duty has been
accounted for . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
29 Amendment of s 9 (Application of proceeds of sugarcane) . . . . . . . . . . . . . 42
30 Omission of s 10 (Restriction as to continuance of lien) . . . . . . . . . . . . . . . 43
31 Amendment of s 11 (Further provisions regarding liens) . . . . . . . . . . . . . . . 43
32 Amendment of s 12 (Provisions as to priority where 2 or more
liens given) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
33 Replacement of s 13 (Renewal of liens) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
13 Effect of harvesting crop on lien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
34 Omission of s 14 (Provision as to renewal of liens) . . . . . . . . . . . . . . . . . . . 44
35 Amendment of s 16 (Priority) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
5
Bills of Sale and Other Securities Amendment
36 Replacement of s 17 (Production of lien to owner of mill) . . . . . . . . . . . . . 44
17 Notice of lien to be given to mill owner . . . . . . . . . . . . . . . . . . . . . . 44
37 Omission of ss 1822 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
38 Replacement of s 23 (Non-application of Bills of Sale Act etc.) . . . . . . . . 45
23 Relationship of other Acts to liens under this Act . . . . . . . . . . . . . . 45
23A False or misleading statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
23B False or misleading documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
23C Protection from liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
23D Delegations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
39 Insertion of new ss 2630 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
26 Transitional provisions about register--Bills of Sale and
Other Securities Amendment Act 1998 . . . . . . . . . . . . . . . . . . . . . . . 47
27 Transitional provision about registered instruments--Bills
of Sale and Other Securities Amendment Act 1998 . . . . . . . . . . . . . 47
28 Transitional provisions about existing liens--Bills of Sale
and Other Securities Amendment Act 1998 . . . . . . . . . . . . . . . . . . . 48
29 Transitional provision about expiry of registered
liens--Bills of Sale and Other Securities Amendment Act 1998 . . 48
30 Saving of priority--Bills of Sale and Other Securities
Amendment Act 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
PART 4--AMENDMENT OF MOTOR VEHICLES SECURITIES
ACT 1986
40 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
41 Amendment of s 30 (Compensation for loss etc. by purchaser) . . . . . . . . . . 49
SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 50
MINOR AMENDMENTS OF BILLS OF SALE AND OTHER
INSTRUMENTS ACT 1955
1998
A BILL
FOR
An Act to amend the Bills of Sale and Other Instruments Act 1955, the
Liens on Crops of Sugar Cane Act 1931 and the Motor Vehicles
Securities Act 1986
s1 8 s4
Bills of Sale and Other Securities Amendment
The Parliament of Queensland enacts-- 1
PART 1--PRELIMINARY 2
title 3
Short
Clause 1. This Act may be cited as the Bills of Sale and Other Securities 4
Amendment Act 1998. 5
6
Commencement
Clause 2. This Act commences on a day to be fixed by proclamation. 7
PART 2--AMENDMENT OF BILLS OF SALE AND 8
OTHER INSTRUMENTS ACT 1955 9
amended in pt 2 10
Act
Clause 3. This part and the schedule amend the Bills of Sale and Other 11
Instruments Act 1955. 12
of s 2 (Commencement) 13
Replacement
Clause 4. Section 2-- 14
omit, insert-- 15
binds all persons 16
`Act
`2. This Act binds all persons, including the State, and, so far as the 17
legislative power of Parliament permits, the Commonwealth and the other 18
States.'. 19
s5 9 s5
Bills of Sale and Other Securities Amendment
of s 6 (Meaning of terms) 1
Amendment
Clause 5.(1) Section 6, heading-- 2
omit, insert-- 3
`Definitions'. 4
(2) Section 6(1), definitions "central district", "far northern district", 5
"grantee", "grantor", "northern district", "office of the registrar", 6
"registrar", "southern district" and "unregistered instrument"-- 7
omit. 8
(3) Section 6(1)-- 9
insert-- 10
` "assign" includes transfer. 11
"borrower", in relation to a security interest, means-- 12
(a) a person who gives a security interest to a lender; or 13
(b) the personal representative of a person mentioned in 14
paragraph (a); or 15
(c) if the person mentioned in paragraph (a) is a corporation--its 16
successors in title and permitted assigns. 17
"incorrect information" see section 18J(e)(ii). 18
"lender", in relation to a security interest, means-- 19
(a) a person holding a security interest or a person who holds a 20
security interest for the benefit of someone else; or 21
(b) the personal representative of a person mentioned in 22
paragraph (a); or 23
(c) if the person mentioned in paragraph (a) is a corporation--its 24
successors in title and permitted assigns. 25
"official" means the chief executive, or an officer or employee of the 26
department. 27
"printed search result" see section 13. 28
"register" means the register kept under section 8. 29
"registered" means included in the register. 30
s5 10 s5
Bills of Sale and Other Securities Amendment
"security interest" means an interest in-- 1
(a) a chattel under a bill of sale; or 2
(b) stock under a stock mortgage; or 3
(c) a crop under a lien on crops; or 4
(d) wool under a lien on wool. 5
"unregistered security interest" means a security interest that-- 6
(a) is not registered under this Act; or 7
(b) has expired.'. 8
(4) Section 6(2), as a heading-- 9
insert-- 10
`Application of Act to bills of sale'. 11
(5) Section 6(2) and (2A)-- 12
renumber as section 6A(1) and (2). 13
(6) Section 6(3), as a heading-- 14
insert-- 15
`Limitation on separate assignment etc.'. 16
(7) Section 6(3)-- 17
renumber as section 6B. 18
(8) Section 6(4), as a heading-- 19
insert-- 20
`Rents and profits'. 21
(9) Section 6(4), (4A) and (4B)-- 22
renumber as section 6C(1), (2) and (3). 23
(10) Section 6(5) and (6)-- 24
renumber as section 6D(1) and (2). 25
s6 11 s6
Bills of Sale and Other Securities Amendment
(11) Section 6(6), `For the purposes of subsection (5)'-- 1
omit, insert-- 2
`In this section'. 3
of pt 2 (Registrations) 4
Replacement
Clause 6. Part 2-- 5
omit, insert-- 6
`PART 2--REGISTRATION AND ITS EFFECTS 7
1--Application of part 8
`Division
of pt 2 9
`Application
`7. This part does not apply to a security interest, whether created before 10
or after the commencement of this section, to the extent that the interest 11
relates to a motor vehicle within the meaning of the Motor Vehicles 12
Securities Act 1986. 13
2--The register and registration 14
`Division
15
`Register
`8.(1) The chief executive must keep a register of security interests. 16
`(2) The register must include the following particulars in relation to each 17
security interest included in the register-- 18
(a) the name and address of the lender and the borrower; 19
(b) whether the interest is given under a bill of sale, stock mortgage 20
or lien; 21
(c) the day and time the particulars are included in the register; 22
(d) other particulars that may be prescribed under a regulation. 23
s6 12 s6
Bills of Sale and Other Securities Amendment
`(3) The security interest is "registered" when the particulars are 1
included in the register. 2
for registration of security interest 3
`Application
`9.(1) An application for the registration of a security interest must-- 4
(a) be made in the way prescribed under a regulation; and 5
(b) if the security interest is an interest in stock under a stock 6
mortgage or a crop under a lien on crops or wool under a lien on 7
wool--nominate the day the security interest expires; and 8
(c) be accompanied by the fee that may be prescribed under a 9
regulation. 10
`(2) The application must include a description of the chattels to which 11
the interest relates, to the extent to which the chattels are ascertainable. 12
13
Examples of suitable descriptions of chattels--
14
1. One blue Ace (8 blades) plough, serial number 0001.
15
2. Stock-in-trade of AZ Pty Ltd.
16
3. Book debts of JB and Co.
`(3) The chief executive is not required to inquire into the validity of 17
information supporting the application. 18
for renewal of registration of security interest 19
`Application
`10.(1) An application for the renewal of registration of a security interest 20
must-- 21
(a) be made in the way prescribed under a regulation; and 22
(b) if the security interest is an interest in stock under a stock 23
mortgage or a crop under a lien on crops or wool under a lien on 24
wool--nominate the day the security interest expires; and 25
(c) be accompanied by the fee that may be prescribed under a 26
regulation. 27
`(2) The chief executive is not required to inquire into the validity of 28
information supporting the application. 29
s6 13 s6
Bills of Sale and Other Securities Amendment
`(3) The registration of a security interest must be renewed before the 1
registration expires. 2
or renewal of registration, of security interest 3
`Registration,
`11.(1) If the chief executive is satisfied that an application for the 4
registration, or renewal of the registration, of a security interest is properly 5
made, the chief executive must register, or renew the registration of, the 6
security interest by including in the register the relevant particulars 7
mentioned in section 8(2). 8
`(2) Applications for registration, or renewal of registration, of security 9
interests must be registered in the order of time of lodgment with the chief 10
executive. 11
of registration 12
`Expiry
`12.(1) A registration of a security interest after the commencement of 13
this section expires-- 14
(a) for a security interest in stock under a stock mortgage or a crop 15
under a lien on crops or wool under a lien on wool--the day 16
nominated by the lender in the application for registration as the 17
day the security interest expires; or 18
(b) otherwise--the day 5 years after the registration takes effect. 19
`(2) In this section-- 20
"registration" includes renewal of registration. 21
3--Other provisions about registration and registered security 22
`Division
interests 23
the register 24
`Inspecting
`13.(1) A person may, on payment of the fee prescribed under a 25
regulation-- 26
(a) inspect the register at an office of the department prescribed under 27
a regulation when the office is open to the public; and 28
s6 14 s6
Bills of Sale and Other Securities Amendment
(b) take extracts from, or obtain a copy of the particulars in, the 1
register (a "printed search result"). 2
`(2) A printed search result certified by the chief executive is evidence of 3
the matters stated in it. 4
of documents to which security interest relates 5
`Copies
`14.(1) The lender must, at the written request of the borrower, give the 6
borrower a copy of the bill of sale, stock mortgage or lien to which the 7
interest relates. 8
Maximum penalty--30 penalty units. 9
`(2) For subsection (1), the copy must be given-- 10
(a) within 14 days, if the original came into existence 1 year or less 11
before the request is given; or 12
(b) within 30 days, if the original came into existence more than 13
1 year before the request is given. 14
`(3) The copy may be a computer generated facsimile containing the 15
same information contained in the original document. 16
`(4) The lender may charge a reasonable amount for providing the copy, 17
which must not be more than the actual cost of providing the copy. 18
of restraining orders 19
`Registration
`15.(1) A restraining order under the Crimes (Confiscation) Act 1989 20
made in relation to chattels of a person may be registered. 21
`(2) Registration of the restraining order has effect for the duration of the 22
restraining order. 23
`(3) The chief executive must, on receipt of a request accompanied by a 24
certified copy of the restraining order, include in the register particulars of 25
the restraining order for the chattels that may be prescribed under a 26
regulation. 27
s6 15 s6
Bills of Sale and Other Securities Amendment
for registration of assignment of registered security 1
`Application
interest 2
`16.(1) An assignment of a registered security interest may be registered, 3
but is not required to be registered. 4
`(2) An application for registration of the assignment of a registered 5
security interest must be-- 6
(a) made in the way prescribed under a regulation; and 7
(b) accompanied by the fee that may be prescribed under a regulation. 8
`(3) The chief executive is not required to inquire into the validity of 9
information supporting the application. 10
of assignment of a registered security interest 11
`Registration
`17.(1) If the chief executive is satisfied that an application for 12
registration of the assignment of a registered security interest is properly 13
made, the chief executive must register the assignment by including in the 14
register particulars of the assignment. 15
`(2) Applications for registration of assignments of registered security 16
interests must be registered in the order of time of lodgment with the chief 17
executive. 18
of failure to register a security interest 19
`Effect
`18.(1) An unregistered security interest has no effect against a person 20
who is not a party to the instrument creating the interest. 21
`(2) Subsection (1) is subject to section 18B(3). 22
given from time of registration 23
`Priority
`18A. A registered security interest has priority, for any title, or right to 24
possession, to chattels conferred by the interest, according to the time of its 25
registration. 26
s6 16 s6
Bills of Sale and Other Securities Amendment
of security interests 1
`Priority
`18B.(1) A registered security interest in chattels ranks in priority over an 2
unregistered security interest in the same chattels. 3
`(2) A registered security interest in chattels ranks in priority over another 4
registered security interest in the same chattels according to the order of 5
registration. 6
`(3) An unregistered security interest in chattels ranks in priority over a 7
registered security interest in the same chattels if-- 8
(a) under the unregistered security interest the lender takes 9
possession of the chattels; and 10
(b) the taking of possession happens before the registered security 11
interest is registered. 12
`(4) Despite the Property Law Act 1974, section 82,1 the priority given to 13
a security interest under this section has effect for all amounts, including 14
further advances, owing by the borrower to the lender under the security 15
interest. 16
`(5) Subsections (1), (2), (3) and (4) apply subject to the following-- 17
(a) section 6A(2);2 18
(b) an express contrary provision in the Corporations Law; 19
(c) an agreement between the lenders holding the security interests. 20
`(6) It is declared that the priority given to security interests under this 21
section applies only to security interests created after the commencement of 22
this section. 23
1 Property Law Act 1974, section 82 (Tacking and further advances)
2 Section 6A (Application of Act to bills of sale)
s6 17 s6
Bills of Sale and Other Securities Amendment
4--Discharge of registered security interests 1
`Division
for discharge of registered security interest 2
`Application
`18C.(1) The lender may apply for the full or partial discharge of a 3
registered security interest. 4
`(2) The application must be-- 5
(a) made in the way prescribed under a regulation; and 6
(b) accompanied by the fee that may be prescribed under a regulation. 7
`(3) The chief executive is not required to inquire into the validity of 8
information supporting the application. 9
`(4) In this section-- 10
"partial discharge", of a registered security interest, means-- 11
(a) a discharge of a borrower under the security interest from the 12
borrower's performance of a stated part of the borrower's 13
obligation under the security interest; or 14
(b) if the security interest relates to a number of chattels--a discharge 15
of the security interest in relation to any of the chattels. 16
of discharge of registered security interest 17
`Registration
`18D. If the chief executive is satisfied that an application for the full or 18
partial discharge of a registered security interest is properly made, the chief 19
executive must register the discharge by-- 20
(a) including in the register the particulars that may be prescribed 21
under a regulation; and 22
(b) doing anything else that may be prescribed under a regulation. 23
after interest fully discharged 24
`Duty
`18E. The lender who holds a registered security interest that is fully 25
s6 18 s6
Bills of Sale and Other Securities Amendment
discharged must, within 14 days after the discharge-- 1
(a) file an application under section 18C3 for the full discharge of the 2
interest; and 3
(b) do anything else that may be necessary to effect the registration of 4
the discharge. 5
Maximum penalty--20 penalty units. 6
may seek registration of discharge or change in particulars 7
`Borrower
`18F.(1) A borrower may, in relation to a registered security interest, ask 8
the lender-- 9
(a) to file an application under section 18C for the full or partial 10
discharge of the interest if the interest has been fully or partially 11
discharged; or 12
(b) to join with the borrower to file an application under section 18G 13
to change the particulars included in the register. 14
`(2) A lender who receives a request under subsection (1) must, within 15
30 days after receiving the request-- 16
(a) file the application or join with the borrower in filing the 17
application; or 18
(b) apply to a Magistrates Court for an order maintaining the 19
registration. 20
`(3) If, at the end of the time allowed under subsection (2), the lender has 21
not complied with subsection (2)(a) or (b), the borrower may ask the chief 22
executive in the approved form to give the lender a notice under 23
subsection (4). 24
`(4) The notice must state that, unless the lender obtains a court order 25
maintaining the registration before the end of the notice period, at the end of 26
the notice period-- 27
(a) the discharge will be registered; or 28
(b) stated particulars will be changed under section 18G. 29
3 Section 18C (Application for discharge of registered security interest)
s6 19 s6
Bills of Sale and Other Securities Amendment
`(5) If a lender who has been given notice under subsection (4) has not-- 1
(a) filed an application for the discharge or the change to particulars 2
in accordance with the request under subsection (1); or 3
(b) given the chief executive a copy of a court order maintaining the 4
registration; 5
before the end of the notice period, the chief executive must register the 6
discharge or change the particulars included in the register as requested. 7
`(6) On application by the lender, the court may make any of the 8
following orders-- 9
(a) an order that the registration be maintained; 10
(b) an order that the discharge be registered; 11
(c) an order that the particulars included in the register be changed; 12
(d) another order, including an order for costs, the court considers 13
appropriate. 14
`(7) In this section-- 15
"notice period" means a period of 30 days after giving a notice under 16
subsection (4). 17
5--Changes to register 18
`Division
to particulars in register 19
`Changes
`18G.(1) The lender who holds a registered security interest may apply 20
to the chief executive to change stated particulars included in the register 21
relating to the interest. 22
`(2) The application must be-- 23
(a) made in the way prescribed under a regulation; and 24
(b) accompanied by the fee that may be prescribed under a regulation. 25
`(3) The chief executive may change the particulars and must include in 26
the register the date on which the particulars were changed. 27
`(4) If the change is other than a change of a minor and non-controversial 28
s6 20 s6
Bills of Sale and Other Securities Amendment
nature, the chief executive may require the application to be made jointly by 1
the lender and borrower. 2
of errors 3
`Correction
`18H.(1) This section applies if the chief executive is satisfied that an 4
error, omission or failure to comply with this Act has happened in relation 5
to-- 6
(a) a registered security interest; or 7
(b) the register. 8
`(2) The chief executive must do everything necessary to correct the 9
error, omission or failure. 10
of particulars of improperly registered interests 11
`Removal
`18I.(1) This section applies if, after registering an interest that appears to 12
the chief executive to be a security interest, the chief executive, whether on 13
the basis of information given to the chief executive or otherwise, 14
reasonably believes the interest is not a security interest. 15
`(2) The chief executive may, by written notice, require the party to the 16
interest who appears to be the lender under the interest to give to the chief 17
executive within a stated reasonable time, of at least 14 days, stated 18
reasonable information the chief executive considers to be reasonably 19
necessary to enable the chief executive to decide whether the interest is a 20
security interest. 21
`(3) The party must comply with the requirement within the time stated 22
in the notice or the longer time that the chief executive may allow in writing. 23
Maximum penalty--30 penalty units. 24
`(4) After considering all the information given to the chief executive, the 25
chief executive may, if reasonably satisfied the interest is not a security 26
interest, remove the particulars of the interest included in the register. 27
`(5) However, before removing the particulars, the chief executive must 28
give to the lender and the borrower under the interest written notice of the 29
decision and the reasons for the decision. 30
`(6) The notice must state-- 31
s6 21 s6
Bills of Sale and Other Securities Amendment
(a) that the person may apply to a Magistrates Court before the end 1
of the notice period for an order maintaining the registration; and 2
(b) that the particulars included in the register will be removed from 3
the register unless the person obtains a court order before the end 4
of the notice period. 5
`(7) If a person given notice under subsection (5) has not-- 6
(a) filed an application for an order maintaining the registration; or 7
(b) given the chief executive a copy of a court order maintaining the 8
registration; 9
before the end of the notice period, the chief executive must remove the 10
particulars included in the register. 11
`(8) On application by a person given notice under subsection (4), the 12
court may make an order-- 13
(a) that the registration be maintained; or 14
(b) that the particulars included in the register be removed. 15
`(9) In this section-- 16
"notice period" means a period of 14 days after giving a notice under 17
subsection (5). 18
6--Compensation for loss 19
`Division
of div 6 20
`Application
`18J. This division applies if a person suffers loss because-- 21
(a) a security interest in relation to which an application for 22
registration had been filed with the chief executive had not been 23
registered; or 24
(b) particulars of a security interest were incorrectly entered in the 25
register; or 26
s6 22 s6
Bills of Sale and Other Securities Amendment
(c) a registered security interest had been discharged incorrectly 1
under section 18F;4 or 2
(d) a discharge of a security interest under section 18F, of which the 3
chief executive has notice, had not been included in the register; or 4
(e) the person-- 5
(i) searches the register for a security interest or particulars of a 6
security interest; and 7
(ii) there is an error in the register because of a negligent act or 8
omission by the chief executive (the "incorrect 9
information"); and 10
(iii) the person relies on the incorrect information contained in a 11
printed search result issued by the chief executive. 12
for loss 13
`Compensation
`18K.(1) A person who suffers loss for a reason stated in section 18J 14
may apply to the accountable officer for payment of compensation to the 15
person. 16
`(2) The accountable officer may make a payment to the applicant under 17
the Financial Administration and Audit Act 1977, section 106.5 18
`(3) The accountable officer must not make a payment in relation to a 19
loss for a reason mentioned in section 18J(e) if the applicant at the time of 20
suffering the loss-- 21
(a) had actual notice of the security interest; or 22
(b) had been put on inquiry as to the existence of the security interest 23
and had abstained from inquiry or further inquiry when the 24
person might reasonably have expected the inquiry or further 25
inquiry to reveal the security interest. 26
`(4) Compensation paid under section 18J(a), (b), (c) or (d) must not be 27
4 Section 18F (Borrower may seek registration of discharge or change in
particulars)
5 Financial Administration and Audit Act 1977, section 106 (Losses and special
payments)
s6 23 s6
Bills of Sale and Other Securities Amendment
more than the lesser of the following, worked out as at the time the loss was 1
suffered-- 2
(a) the amount of the debt or other pecuniary obligation or the value 3
of any other obligation secured by the security interest; 4
(b) the value of the chattels in which was held the security interest in 5
relation to which compensation was applied for. 6
`(5) Compensation paid under section 18J(e) must not be more than the 7
actual loss attributable to reliance by the person on the incorrect information, 8
worked out as at the time the loss was suffered. 9
`(6) The accountable officer must give to the person written notice of the 10
decision on the application and the reasons for the decision. 11
`(7) In this section-- 12
"accountable officer" means the accountable officer of the department 13
under the Financial Administration and Audit Act 1977. 14
7--General 15
`Division
executive to be satisfied stamp duty has been accounted for 16
`Chief
`18L.(1) If an instrument relating to a security interest is chargeable with 17
stamp duty under the Stamp Act 1894, the chief executive may deal with the 18
security interest under this Act only if the chief executive is satisfied that 19
stamp duty on the instrument has been paid or accounted for6 under that 20
Act. 21
`(2) The chief executive may assume stamp duty on the instrument has 22
been paid or accounted for if the person asking the chief executive to deal 23
with the interest states, in writing, that the stamp duty has been paid or 24
accounted for under that Act.'. 25
6 See, for example, the Stamp Act 1894, section 13A (Duty accounted for by
returns)
s7 24 s 11
Bills of Sale and Other Securities Amendment
of s 19 (Contents of instruments) 1
Amendment
Clause 7. Section 19(1)(a) to (c)-- 2
omit, insert-- 3
`(a) the name and address of each borrower and lender; and 4
(b) a description of the chattels to which the interest relates, to the 5
extent to which the chattels are ascertainable; and'. 6
of s 20 (Instrument to be attested and when registered to 7
Amendment
have effect of a deed) 8
Clause 8. Section 20-- 9
insert-- 10
`(1A) However, a person is not excluded from being a witness for 11
subsection (1) merely because the person is an employee of a party to the 12
instrument acting in the ordinary course of business.'. 13
of s 22 (Instrument subject to defeasance etc. of no effect in 14
Omission
certain cases) 15
Clause 9. Section 22-- 16
omit. 17
of pt 4, div 1 (Optional registration of assignments of book 18
Omission
debts) 19
Clause 10. Part 4, division 1-- 20
omit. 21
of s 25 (Stock mortgages) 22
Amendment
Clause 11.(1) Section 25, heading-- 23
omit, insert-- 24
`Stock under stock mortgage are chattels'. 25
(2) Section 25(1)-- 26
s 12 25 s 13
Bills of Sale and Other Securities Amendment
omit. 1
(3) Section 25(2), `(2)'-- 2
omit. 3
of s 27 (Stock to include increase of stock etc.) 4
Amendment
Clause 12.(1) Section 27(1), `A stock mortgage properly registered under this 5
Act'-- 6
omit, insert-- 7
`A registered security interest in stock under a stock mortgage'. 8
(2) Section 27(1), after `instrument' (first mention)-- 9
insert-- 10
`creating the security interest'. 11
(3) Section 27(1), `in it wherever'-- 12
omit, insert-- 13
`in the instrument wherever'. 14
(4) Section 27(1), `continuance of the security'-- 15
omit, insert-- 16
`continuance of the registered security'. 17
of s 30 (Grantor may provide for grantee to have wool 18
Amendment
from mortgaged sheep) 19
Clause 13.(1) Section 30, `the registration under this Act of such instrument'-- 20
omit, insert-- 21
`a registered security interest in the sheep under the mortgage'. 22
(2) Section 30, `to possess a registered lien'-- 23
omit, insert-- 24
`to have a registered security interest in wool under a lien'. 25
(3) Section 30, after `grantor and'-- 26
s 14 26 s 17
Bills of Sale and Other Securities Amendment
insert-- 1
`a security interest in wool under a lien on wool had been'. 2
(4) Section 30, `lien' (last mention)-- 3
omit, insert-- 4
`registered security interest'. 5
of s 31 (Liens may be given on crops) 6
Amendment
Clause 14. Section 31(1A), from `under this Act' to `mentioned'-- 7
omit, insert-- 8
`of a security interest in the crops entitle the lender to the crops to which 9
the interest relates'. 10
Amendment of s 32 (Savings of existing mortgages etc.) 11
Clause 15.(1) Section 32(2), `lien on crops being registered under this Act'-- 12
omit, insert-- 13
`registered security interest in a crop under a lien on crops'. 14
(2) Section 32(2), from `described'-- 15
omit, insert-- 16
`, particulars of which are included in the register.'. 17
of s 33 (Duration of registration of liens on crops) 18
Omission
Clause 16. Section 33-- 19
omit. 20
of s 34 (Security may be given over wool) 21
Amendment
Clause 17. Section 34(1), `under this Act'-- 22
omit, insert-- 23
`of a security interest in the wool under the lien on wool'. 24
s 18 27 s 20
Bills of Sale and Other Securities Amendment
of s 35 (Wool to continue subject to lien despite 1
Amendment
subsequent sale or mortgage) 2
Clause 18.(1) Section 35, `lien on wool being registered under this Act'-- 3
omit, insert-- 4
`registered security interest in wool under a lien on wool'. 5
(2) Section 35, `referred to in the lien'-- 6
omit, insert-- 7
`, particulars of which are included in the register'. 8
of s 36 (Grantee may take possession and shear sheep 9
Amendment
subject to the lien if grantor neglects to do so) 10
Clause 19.(1) Section 36, `subject to a lien'-- 11
omit, insert-- 12
`subject to a registered security interest in wool under a lien'. 13
(2) Section 36, `registered under this Act'-- 14
omit. 15
(3) Section 36, `registered lien'-- 16
omit, insert-- 17
`lien'. 18
of s 37 (Instrument by way of security securing an 19
Replacement
account current) 20
Clause 20. Section 37-- 21
omit, insert-- 22
interest securing account current 23
`Security
`37. The registration of a security interest securing an account current is 24
not affected merely because the borrower may from time to time be in 25
credit on the account.'. 26
s 21 28 s 21
Bills of Sale and Other Securities Amendment
of new ss 37A37C 1
Insertion
Clause 21. After section 37-- 2
insert-- 3
or misleading statements 4
`False
`37A.(1) A person must not state anything to an official the person 5
knows is false or misleading in a material particular. 6
Maximum penalty--50 penalty units or 1 year's imprisonment. 7
`(2) It is enough for a complaint for an offence against subsection (1) to 8
state the statement made was `false or misleading' to the person's 9
knowledge, without stating which. 10
or misleading documents 11
`False
`37B.(1) A person must not give an official a document containing 12
information the person knows is false or misleading in a material particular. 13
Maximum penalty--50 penalty units or 1 year's imprisonment. 14
`(2) Subsection (1) does not apply to a person if the person, when giving 15
the document-- 16
(a) tells the official, to the best of the person's ability, how it is false 17
or misleading; and 18
(b) if the person has, or can reasonably obtain, the correct 19
information--gives the correct information. 20
`(3) It is enough for a complaint for an offence against subsection (1) to 21
state the document was `false or misleading' to the person's knowledge, 22
without stating which. 23
from liability 24
`Protection
`37C.(1) An official does not incur civil liability for an act done, or 25
omission made, honestly and without negligence under this Act. 26
`(2) If subsection (1) prevents a civil liability attaching to an official, 27
liability attaches instead to the State.'. 28
s 22 29 s 24
Bills of Sale and Other Securities Amendment
of s 38 (Delegations) 1
Replacement
Clause 22. Section 38-- 2
omit, insert-- 3
4
`Delegations
`38.(1) The chief executive may delegate the chief executive's powers 5
under this Act to an appropriately qualified officer or employee of the 6
department. 7
`(2) In this section-- 8
"appropriately qualified", for a person to whom a power under this Act 9
may be delegated, includes having the qualifications, experience or 10
standing appropriate to exercise the power. 11
12
Example of `standing'--
13
A person's classification level in the public service.'.
of s 49 (Registrar is registrar for repealed State Securities 14
Amendment
Registration Act 1925) 15
Clause 23.(1) Section 49(4)-- 16
renumber as section 49(2). 17
(2) Section 49-- 18
insert-- 19
`(3) This section expires 9 years after section 547 commences.'. 20
of new pt 6 21
Insertion
Clause 24. After section 49-- 22
insert-- 23
7 Section 54 (Transitional provision about stock mortgages and certain other
securities)
s 24 30 s 24
Bills of Sale and Other Securities Amendment
`PART 6--TRANSITIONAL AND SAVING 1
PROVISIONS FOR BILLS OF SALE AND OTHER 2
SECURITIES AMENDMENT ACT 1998 3
provisions about register 4
`Transitional
`50. The register of registered instruments kept under the Act 5
immediately before the commencement is taken to be the register of 6
security interests kept under section 8. 7
provision about registered instruments 8
`Transitional
`51.(1) Each instrument registered under the Act immediately before the 9
commencement is taken to be a registered security interest. 10
`(2) The particulars of each instrument registered in the register of 11
registered instruments immediately before the commencement are taken to 12
be included in the register of security interests kept under section 8. 13
provision about crop liens 14
`Transitional
`52. Section 33 of this Act, as in force immediately before the 15
commencement of this section, continues to have effect after the 16
commencement but only for deciding when the registration of a lien on 17
crops executed before the commencement expires. 18
provision about expiry of liens on wool 19
`Transitional
`53. A lien on wool registered under this Act immediately before the 20
commencement of this section expires 1 year after the commencement. 21
provision about stock mortgages and certain other 22
`Transitional
securities 23
`54.(1) This section applies to the following instruments included in the 24
register kept under this Act before the commencement of this section 25
("existing instruments")-- 26
(a) stock mortgages; 27
s 24 31 s 24
Bills of Sale and Other Securities Amendment
(b) securities under the repealed State Securities Registration 1
Act 1925. 2
`(2) Each existing instrument registered under the Act expires as 3
follows-- 4
(a) if registered before 1 January 1978--6 months after the 5
commencement; 6
(b) if registered after 1977 but before 1984--9 months after the 7
commencement; 8
(c) if registered in 1984--1 year after the commencement; 9
(d) if registered in 1985--2 years after the commencement; 10
(e) if registered in 1986--3 years after the commencement; 11
(f) if registered in 1987--4 years after the commencement; 12
(g) if registered in 1988--5 years after the commencement; 13
(h) if registered in 1989--6 years after the commencement; 14
(i) if registered in 1990--7 years after the commencement; 15
(j) if registered in 1991--8 years after the commencement; 16
(k) if registered in 1992--9 years after the commencement; 17
(l) if registered in 1993--10 years after the commencement; 18
(m) if registered in 1994--11 years after the commencement; 19
(n) if registered in 1995--12 years after the commencement; 20
(o) if registered in 1996--13 years after the commencement; 21
(p) if registered in 1997--14 years after the commencement; 22
(q) if registered after 1997 but before the commencement--15 years 23
after the commencement. 24
of priority 25
`Saving
`55.(1) This section applies to registered security interests that 26
immediately before the commencement of this section were instruments 27
registered under this Act. 28
`(2) The rules for deciding priority, including section 7A(2), as in force 29
s 25 32 s 26
Bills of Sale and Other Securities Amendment
immediately before the commencement continue to have effect for deciding 1
priority of those registered security interests after the commencement. 2
`(3) This section applies despite section 18B.8'. 3
ART 3--AMENDMENT OF LIENS ON CROPS OF 4
P
SUGAR CANE ACT 1931 5
amended in pt 3 6
Act
Clause 25. This part amends the Liens on Crops of Sugar Cane Act 1931. 7
of s 2 (Interpretation) 8
Amendment
Clause 26.(1) Section 2, heading and words before definition "crop"-- 9
omit, insert-- 10
`Definitions 11
`2. In this Act--'. 12
(2) Section 2, definitions "far northern district", "northern district", 13
"Register", "registrar" and "southern district"-- 14
omit. 15
(3) Section 2-- 16
insert-- 17
` "incorrect information" see section 7P(e)(ii). 18
"official" means the chief executive, or an officer or employee of the 19
department. 20
"printed search result" see section 7C. 21
"register" means the register kept under section 5. 22
"registered" means included in the register. 23
8 Section 18B (Priority of security interests)
s 27 33 s 28
Bills of Sale and Other Securities Amendment
"unregistered lien" means a lien that-- 1
(a) is not registered under this Act; or 2
(b) has expired.'. 3
(4) Section 2, definition "owner of a mill", from `and includes' 4
to `1914'-- 5
omit. 6
of new ss 33A 7
Insertion
Clause 27. After section 2-- 8
insert-- 9
of s 2 to certain instruments 10
`Application
`3. Section 2 applies to instruments made or executed under this Act, 11
unless the contrary intention appears. 12
binds all persons 13
`Act
`3A. This Act binds all persons, including the State, and, so far as the 14
legislative power of Parliament permits, the Commonwealth and the other 15
States.'. 16
of ss 47 17
Replacement
Clause 28. Sections 4 to 7-- 18
omit, insert-- 19
on crop to be created by instrument 20
`Charge
`4.(1) An owner of a crop may charge the crop as security for the 21
payment or satisfaction of any debt or liability (whether past or present or 22
future, and whether vested or contingent), by signed instrument. 23
`(2) The instrument-- 24
(a) must adequately identify the land on which the crop intended to 25
be charged is growing or is about to grow; and 26
(b) must be witnessed. 27
s 28 34 s 28
Bills of Sale and Other Securities Amendment
1
`Register
`5.(1) The chief executive must keep a register of liens. 2
`(2) The register must include the following particulars in relation to each 3
lien included in the register-- 4
(a) the name and address of the lienee and the lienor; 5
(b) the day and time the particulars are included in the register; 6
(c) other particulars that may be prescribed under a regulation. 7
`(3) The lien is "registered" when the particulars are included in the 8
register. 9
for registration of lien 10
`Application
`6.(1) An application for the registration of a lien must be-- 11
(a) made in the way prescribed under a regulation; and 12
(b) accompanied by the fee that may be prescribed under a regulation. 13
`(2) The application must include a description of the land to which the 14
lien relates. 15
`(3) The chief executive is not required to inquire into the validity of 16
information supporting the application. 17
for renewal of registration of lien 18
`Application
`7.(1) An application for the renewal of registration of a lien must-- 19
(a) be made in the way prescribed under a regulation; and 20
(b) nominate the day the lien expires; and 21
(c) be accompanied by the fee that may be prescribed under a 22
regulation. 23
`(2) The chief executive is not required to inquire into the validity of 24
information supporting the application. 25
`(3) The registration of a lien must be renewed before the registration 26
expires. 27
s 28 35 s 28
Bills of Sale and Other Securities Amendment
or renewal of registration, of lien 1
`Registration,
`7A.(1) If the chief executive is satisfied that an application for the 2
registration, or renewal of the registration, of a lien is properly made, the 3
chief executive must register, or renew the registration of, the lien by 4
including in the register the relevant particulars mentioned in section 5(2). 5
`(2) Applications for registration, or renewal of registration, of liens must 6
be registered in the order of time of lodgment with the chief executive. 7
of registration 8
`Expiry
`7B.(1) A registration of a lien after the commencement of this section 9
expires on the day nominated by the lienee in the application for registration 10
as the day the lien expires. 11
`(2) In this section-- 12
"registration" includes renewal of registration. 13
the register 14
`Inspecting
`7C.(1) A person may, on payment of the fee that may be prescribed 15
under a regulation-- 16
(a) inspect the register at an office of the department prescribed under 17
a regulation when the office is open to the public; and 18
(b) take extracts from, or obtain a copy of details in, the register (a 19
"printed search result"). 20
`(2) A printed search result certified by the chief executive is evidence of 21
the matters stated in it. 22
of instrument creating lien 23
`Copies
`7D.(1) The lienee must, at the written request of the lienor, give the 24
lienor a copy of the instrument creating the lien. 25
Maximum penalty--30 penalty units. 26
`(2) For subsection (1), the copy must be given-- 27
(a) within 14 days, if the original came into existence 1 year or less 28
s 28 36 s 28
Bills of Sale and Other Securities Amendment
before the request is given; or 1
(b) within 30 days, if the original came into existence more than 2
1 year before the request is given. 3
`(3) The copy may be a computer generated facsimile containing the 4
same information contained in the original document. 5
`(4) The lienee may charge a reasonable amount for providing the copy, 6
which must not be more than the actual cost of providing the copy. 7
for registration of assignment of registered lien 8
`Application
`7E.(1) An assignment of a registered lien may be registered, but is not 9
required to be registered. 10
`(2) An application for registration of the assignment of a registered lien 11
must be-- 12
(a) made in the way prescribed under a regulation; and 13
(b) accompanied by the fee that may be prescribed under a regulation. 14
`(3) The chief executive is not required to inquire into the validity of 15
information supporting the application. 16
of assignment of a registered lien 17
`Registration
`7F.(1) If the chief executive is satisfied that an application for 18
registration of the assignment of a registered lien is properly made, the chief 19
executive must register the assignment by including in the register 20
particulars of the assignment. 21
`(2) Applications for registration of assignments of registered liens must 22
be registered in the order of time of lodgment with the chief executive. 23
of failure to register lien 24
`Effect
`7G.(1) An unregistered lien has no effect against a person who is not a 25
party to the instrument creating the lien. 26
`(2) Subsection (1) is subject to section 7I(3). 27
s 28 37 s 28
Bills of Sale and Other Securities Amendment
given from time of registration 1
`Priority
`7H. A registered lien has priority, for any title to, or right to possession 2
of, crops conferred by the lien, according to the time of its registration. 3
of liens 4
`Priority
`7I.(1) A registered lien over a crop ranks in priority over an unregistered 5
lien over the same crop. 6
`(2) A registered lien over a crop ranks in priority over another registered 7
lien over the same crop according to the order of registration. 8
`(3) An unregistered lien over a crop ranks in priority over a registered 9
lien over the same crop if-- 10
(a) under the unregistered lien the lienee takes possession of the crop; 11
and 12
(b) the taking of possession happens before the registered lien is 13
registered. 14
`(4) Despite the Property Law Act 1974, section 82,9 the priority given to 15
a lien under this section has effect for all amounts, including further 16
advances, owing by the lienor to the lienee under the lien. 17
`(5) Subsections (1), (2), (3) and (4) apply subject to the following-- 18
(a) section 12;10 19
(b) an express contrary provision in the Corporations Law; 20
(c) an agreement between the lienees holding the liens. 21
`(6) It is declared that the priority given to registered liens under this 22
section applies only to liens created after the commencement of this section. 23
for discharge of registered lien 24
`Application
`7J.(1) The lienee may apply for the full or partial discharge of a 25
registered lien. 26
9 Property Law Act 1974, section 82 (Tacking and further advances)
10 Section 12 (Provisions as to priority where 2 or more liens given)
s 28 38 s 28
Bills of Sale and Other Securities Amendment
`(2) The application must be-- 1
(a) made in the way prescribed under a regulation; and 2
(b) accompanied by the fee that may be prescribed under a regulation. 3
`(3) The chief executive is not required to inquire into the validity of 4
information supporting the application. 5
`(4) In this section-- 6
"partial discharge", of a registered lien, means-- 7
(a) a discharge of a lienor under the lien from the lienor's 8
performance of a stated part of the lienor's obligation under the 9
lien; or 10
(b) if the lien relates to a number of crops--a discharge of the lien in 11
relation to any of the crops. 12
of discharge of registered lien 13
`Registration
`7K. If the chief executive is satisfied that an application for a full or 14
partial discharge of a registered lien is properly made, the chief executive 15
must register the discharge by-- 16
(a) including in the register the particulars that may be prescribed 17
under a regulation; and 18
(b) doing anything else that may be prescribed under a regulation. 19
after lien fully discharged 20
`Duty
`7L. The lienee under a registered lien at the time the lien is fully 21
discharged must, within 14 days after the lien is fully discharged-- 22
(a) file an application under section 7J11 for the full discharge of the 23
lien; and 24
(b) do anything else that may be necessary to effect the registration of 25
the discharge. 26
Maximum penalty--20 penalty units. 27
11 Section 7J (Application for discharge of registered lien)
s 28 39 s 28
Bills of Sale and Other Securities Amendment
may seek registration of discharge or change in particulars 1
`Lienor
`7M.(1) A lienor may, in relation to a registered lien, ask the lienee-- 2
(a) to file an application under section 7J for the full or partial 3
discharge of the lien if the lien has been fully or partially 4
discharged; or 5
(b) to join with the lienor to file an application under section 7N to 6
change the particulars in the register. 7
`(2) A lienee who receives a request under subsection (1) must, within 8
30 days after receiving the request-- 9
(a) file the application or join with the lienor in filing the application; 10
or 11
(b) apply to a Magistrates Court for an order maintaining the 12
registration. 13
`(3) If, at the end of the time allowed under subsection (2), the lienee has 14
not complied with subsection (2)(a) or (b), the lienor may ask the chief 15
executive in the approved form to give the lienee a notice under 16
subsection (4). 17
`(4) The notice must state that, unless the lienee obtains a court order 18
maintaining the registration before the end of the notice period, at the end of 19
the notice period-- 20
(a) the discharge will be registered; or 21
(b) stated particulars will be changed under section 7N. 22
`(5) If a lienee who has been given notice under subsection (4) has not-- 23
(a) filed an application for the discharge or the change to particulars 24
in accordance with the request under subsection (1); or 25
(b) given the chief executive a copy of a court order maintaining the 26
registration; 27
before the end of the notice period, the chief executive must register the 28
discharge or change the particulars included in the register as requested. 29
`(6) On application by the lienee, the court may make any of the 30
following orders-- 31
(a) an order that the registration be maintained; 32
s 28 40 s 28
Bills of Sale and Other Securities Amendment
(b) an order that the discharge be registered; 1
(c) an order that the particulars included in the register be changed; 2
(d) another order, including an order for costs, the court considers 3
appropriate. 4
`(7) In this section-- 5
"notice period" means a period of 30 days after giving a notice under 6
subsection (4). 7
to particulars in register 8
`Changes
`7N.(1) A lienee may apply to the chief executive to change stated 9
particulars included in the register relating to the lien. 10
`(2) The application must be-- 11
(a) made in the way prescribed under a regulation; and 12
(b) accompanied by the fee that may be prescribed under a regulation. 13
`(3) The chief executive may change the particulars and must include in 14
the register the date on which the particulars were changed. 15
`(4) If the change is other than a change of a minor and non-controversial 16
nature, the chief executive may require the application to be made jointly by 17
the lienee and lienor. 18
of errors 19
`Correction
`7O.(1) This section applies if the chief executive is satisfied that an 20
error, omission or failure to comply with this Act has happened in relation 21
to-- 22
(a) a registered lien; or 23
(b) the register. 24
`(2) The chief executive must do everything necessary to correct the 25
error, omission or failure. 26
s 28 41 s 28
Bills of Sale and Other Securities Amendment
of compensation provision 1
`Application
`7P. Section 7Q applies if a person suffers loss because-- 2
(a) a lien in relation to which an application for registration had been 3
filed with the chief executive had not been registered; or 4
(b) particulars of a lien were incorrectly entered in the register; or 5
(c) a lien had been discharged incorrectly under section 7M; or 6
(d) a discharge of a lien under section 7M, of which the chief 7
executive has notice, had not been included in the register; or 8
(e) the person-- 9
(i) searches the register for a lien or particulars of a lien; and 10
(ii) there is an error in the register because of a negligent act or 11
omission by the chief executive (the "incorrect 12
information"); and 13
(iii) the person relies on the incorrect information contained in a 14
printed search result issued by the chief executive. 15
for loss 16
`Compensation
`7Q.(1) A person who suffers loss for a reason stated in section 7P may 17
apply to the accountable officer for payment of compensation to the person. 18
`(2) The accountable officer may make a payment to the applicant under 19
the Financial Administration and Audit Act 1977, section 106.12 20
`(3) The accountable officer must not make a payment in relation to a 21
loss for a reason mentioned in section 7P(e) if the applicant, at the time of 22
suffering the loss-- 23
(a) had actual notice of the lien; or 24
(b) had been put on inquiry as to the existence of the lien and had 25
abstained from inquiry or further inquiry when the person might 26
reasonably have expected the inquiry or further inquiry to reveal 27
the lien. 28
12 Financial Administration and Audit Act 1977, section 106 (Losses and special
payments)
s 29 42 s 29
Bills of Sale and Other Securities Amendment
`(4) Compensation paid under section 7P(a), (b), (c) or (d) must not be 1
more than the lesser of the following, worked out as at the time the loss was 2
suffered-- 3
(a) the amount of the debt or other pecuniary obligation or the value 4
of any other obligation secured by the lien; 5
(b) the value of the crop in which was held the lien in relation to 6
which compensation was applied for. 7
`(5) Compensation paid under section 7P(e) must not be more than the 8
actual loss attributable to reliance by the person on the incorrect information, 9
worked out as at the time the loss was suffered. 10
`(6) The accountable officer must give to the person written notice of the 11
decision on the application and the reasons for the decision. 12
`(7) In this section-- 13
"accountable officer" means the accountable officer of the department 14
under the Financial Administration and Audit Act 1977. 15
executive to be satisfied stamp duty has been accounted for 16
`Chief
`7R.(1) If an instrument relating to a lien is chargeable with stamp duty 17
under the Stamp Act 1894, the chief executive may deal with the lien under 18
this Act only if the chief executive is satisfied that stamp duty on the 19
instrument has been paid or accounted for13 under that Act. 20
`(2) The chief executive may assume stamp duty on the instrument has 21
been paid or accounted for if the person asking the chief executive to deal 22
with the lien states, in writing, that the stamp duty has been paid or 23
accounted for under that Act.'. 24
of s 9 (Application of proceeds of sugarcane) 25
Amendment
Clause 29.(1) Section 9(1)(a), from `section 8.12' to `1991'-- 26
13 See, for example, the Stamp Act 1894, section 13A (Duty accounted for by
returns)
s 30 43 s 33
Bills of Sale and Other Securities Amendment
omit, insert-- 1
`the Sugar Industry Act 1991, section 12914'. 2
(2) Section 9(1)(c) and (g), `under the Wages Act 1918 or otherwise'-- 3
omit, insert-- 4
`for wages or otherwise'. 5
of s 10 (Restriction as to continuance of lien) 6
Omission
Clause 30. Section 10-- 7
omit. 8
of s 11 (Further provisions regarding liens) 9
Amendment
Clause 31. Section 11, from `unless renewed'-- 10
omit, insert-- 11
`unless renewed under section 7.15'. 12
of s 12 (Provisions as to priority where 2 or more liens 13
Amendment
given) 14
Clause 32. Section 12(2)-- 15
omit, insert-- 16
`(2) However, subsection (1) does not affect the priority of a lien whose 17
registration is renewed because of section 13(1).'. 18
of s 13 (Renewal of liens) 19
Replacement
Clause 33. Section 13-- 20
omit, insert-- 21
14 Sugar Industry Act 1991, section 129 (Mill owner may harvest sugarcane)
15 Section 7 (Application for renewal of registration of lien)
s 34 44 s 36
Bills of Sale and Other Securities Amendment
of harvesting crop on lien 1
`Effect
`13.(1) A lien over a crop that, when the lien expires, has not been fully 2
harvested, may be renewed under section 7. 3
`(2) However, if the crop covered by a lien is fully harvested when the 4
lien expires under section 7B,16 it is not necessary to renew the lien for the 5
lien to remain effective against the proceeds of the crop.'. 6
of s 14 (Provision as to renewal of liens) 7
Omission
Clause 34. Section 14-- 8
omit. 9
of s 16 (Priority) 10
Amendment
Clause 35.(1) Section 16, heading-- 11
omit, insert-- 12
`Application of proceeds of crop to costs of sugarcane protection etc.'. 13
(2) Section 16(1) and (1A)-- 14
omit, insert-- 15
`16.(1) This Act is subject to the Workplace Relations Act 1997, 16
chapter 9, part 2.17'. 17
of s 17 (Production of lien to owner of mill) 18
Replacement
Clause 36.(1) Section 17-- 19
omit, insert-- 20
of lien to be given to mill owner 21
`Notice
`17.(1) This section applies if-- 22
(a) a lienee holds a lien over a crop that is growing, or will be grown, 23
16 Section 7B (Expiry of registration)
17 Workplace Relations Act 1997, chapter 9 (Records and wages), part 2 (Wages
and occupational superannuation)
s 37 45 s 38
Bills of Sale and Other Securities Amendment
on land all or part of which is assigned to a mill under the Sugar 1
Industry Act 1991; and 2
(b) the lien is registered; and 3
(c) the lienee after the registration, or the renewal, transfer or 4
assignment of the registration, gives to the owner of the mill a 5
certified printed search result relating to the registration, renewal, 6
transfer or assignment. 7
`(2) The lienee or the assignee under the lien is entitled to be paid from 8
the proceeds of the crop then next available the amount secured by the lien 9
to the extent the proceeds allow. 10
`(3) If the lien is discharged, the lienee must give to the owner of the mill 11
a certified printed search result relating to the discharge of the registration as 12
soon as possible after the discharge is registered. 13
`(4) The owner of the mill is not affected by the registration, renewal, 14
assignment, transfer or discharge of the lien until a certified printed search 15
result relating to the registration, renewal, assignment, transfer or discharge 16
is given to the owner by the lienee. 17
`(5) In this section-- 18
"assignee" includes a transferee.'. 19
of ss 1822 20
Omission
Clause 37. Sections 18 to 22-- 21
omit. 22
of s 23 (Non-application of Bills of Sale Act etc.) 23
Replacement
Clause 38. Section 23-- 24
omit, insert-- 25
of other Acts to liens under this Act 26
`Relationship
`23.(1) To remove any doubt, it is declared that a lien under this Act is 27
not a bill of sale under the Bills of Sale and Other Instruments Act 1955. 28
`(2) The provisions of this Act relating to registration do not apply to any 29
s 38 46 s 38
Bills of Sale and Other Securities Amendment
lien on crops of sugarcane given by any person to the Crown as defined by 1
the repealed State Securities Registration Act 1925 and the provisions of the 2
repealed Act relating to those liens continue to have effect. 3
`(3) Also, for deciding priority under this Act between or among liens, a 4
lien registered under the repealed State Securities Registration Act 1925 is 5
taken to be registered under this Act. 6
`(4) Subsections (2) and (3) and this subsection expire 10 years after the 7
commencement of this subsection. 8
or misleading statements 9
`False
`23A.(1) A person must not state anything to an official the person 10
knows is false or misleading in a material particular. 11
Maximum penalty--50 penalty units or 1 year's imprisonment. 12
`(2) It is enough for a complaint for an offence against subsection (1) to 13
state the statement made was `false or misleading' to the person's 14
knowledge, without stating which. 15
or misleading documents 16
`False
`23B.(1) A person must not give an official a document containing 17
information the person knows is false or misleading in a material particular. 18
Maximum penalty--50 penalty units or 1 year's imprisonment. 19
`(2) Subsection (1) does not apply to a person if the person, when giving 20
the document-- 21
(a) tells the official, to the best of the person's ability, how it is false, 22
misleading or incomplete; and 23
(b) if the person has, or can reasonably obtain, the correct 24
information--gives the correct information. 25
`(3) It is enough for a complaint for an offence against subsection (1) to 26
state the document was `false or misleading' to the person's knowledge, 27
without stating which. 28
s 39 47 s 39
Bills of Sale and Other Securities Amendment
from liability 1
`Protection
`23C.(1) An official does not incur civil liability for an act done, or 2
omission made, honestly and without negligence under this Act. 3
`(2) If subsection (1) prevents a civil liability attaching to an official, 4
liability attaches instead to the State. 5
6
`Delegations
`23D.(1) The chief executive may delegate the chief executive's powers 7
under this Act to an appropriately qualified officer or employee of the 8
department. 9
`(2) In this section-- 10
"appropriately qualified", for a person to whom a power under this Act 11
may be delegated, includes having the qualifications, experience or 12
standing appropriate to exercise the power. 13
14
Example of `standing'--
15
A person's classification level in the public service.'.
of new ss 2630 16
Insertion
Clause 39. After section 25-- 17
insert-- 18
provisions about register--Bills of Sale and Other 19
`Transitional
Securities Amendment Act 1998 20
`26. The register of liens on sugarcane kept under this Act immediately 21
before the commencement of this section from the commencement 22
continues as the register of liens kept under section 5. 23
provision about registered instruments--Bills of Sale 24
`Transitional
and Other Securities Amendment Act 1998 25
`27.(1) Each instrument registered under this Act immediately before the 26
commencement of this section is taken to be a registered lien. 27
`(2) The particulars of each lien registered in the register of liens on 28
s 39 48 s 39
Bills of Sale and Other Securities Amendment
sugarcane immediately before the commencement are taken to be included 1
in the register of liens kept under section 5. 2
provisions about existing liens--Bills of Sale and Other 3
`Transitional
Securities Amendment Act 1998 4
`28.(1) This section applies to each instrument registered under this Act 5
before the commencement of this section ("existing liens"). 6
`(2) Each existing lien expires as follows-- 7
(a) if registered in 1993--5 years after the commencement; 8
(b) if registered in 1994--6 years after the commencement; 9
(c) if registered in 1995--7 years after the commencement; 10
(d) if registered in 1996--8 years after the commencement; 11
(e) if registered in 1997--9 years after the commencement; 12
(f) if registered after 1997 but before the commencement--10 years 13
after the commencement. 14
provision about expiry of registered liens--Bills of Sale 15
`Transitional
and Other Securities Amendment Act 1998 16
`29. Section 10(2) of this Act, as in force immediately before the 17
commencement of this section, from the commencement continues to have 18
effect, but only for deciding when the registration of a lien executed before 19
the commencement expires. 20
of priority--Bills of Sale and Other Securities Amendment 21
`Saving
Act 1998 22
`30.(1) This section applies to registered liens that immediately before the 23
commencement of this section were instruments registered under this Act. 24
`(2) The provisions of this Act for deciding priority, as in force 25
immediately before the commencement, continue to have effect for deciding 26
s 40 49 s 41
Bills of Sale and Other Securities Amendment
priority of those registered liens after the commencement. 1
`(3) This section applies despite section 7I.18'. 2
ART 4--AMENDMENT OF MOTOR VEHICLES 3
P
SECURITIES ACT 1986 4
amended in pt 4 5
Act
Clause 40. This part amends the Motor Vehicles Securities Act 1986. 6
of s 30 (Compensation for loss etc. by purchaser) 7
Amendment
Clause 41. Section 30(3)(a), `evidenced by the registered instrument'-- 8
omit. 9
18 Section 7I (Priority of liens)
50
Bills of Sale and Other Securities Amendment
CHEDULE 1
¡S
MINOR AMENDMENTS OF BILLS OF SALE AND 2
OTHER INSTRUMENTS ACT 1955 3
section 3 4
1. Section 6(1), definition "bill of sale", paragraph (b), `and 5
transfers'-- 6
omit. 7
2. Section 6(1), definition "bill of sale", paragraph (i), `grantor'-- 8
omit, insert-- 9
`borrower'. 10
3. Section 6(1), definition "bill of sale", paragraph (l), `grantor'-- 11
omit, insert-- 12
`borrower'. 13
4. Section 6(1), definition "book debts", `or transfer'-- 14
omit. 15
5. Section 6(1), definition "executed", `grantor'-- 16
omit, insert-- 17
`borrower'. 18
51
Bills of Sale and Other Securities Amendment
SCHEDULE (continued)
6. Section 6(1), definition "executed", `grantor's'-- 1
omit, insert-- 2
`borrower's'. 3
7. Section 6(1), definition "executed", `grantee'-- 4
omit, insert-- 5
`lender'. 6
8. Section 6(1), definition "executed", `grantee's'-- 7
omit, insert-- 8
`lender's'. 9
9. Sections 6(2) and (2A), 27(2), 29(1), 30, 31(1A), 32(3), 34(1), 36, 10
45(1), schedule 4, sections 1 to 4, schedule 5, sections 1, 2, 3, 4 and 5 11
and schedule 6, `grantee'-- 12
omit, insert-- 13
`lender'. 14
10. Sections 6(2A), 21, 27(1), 29(1), 30, 31(1), 32(3), 34(1), 35, 36, 39, 15
45(2), schedule 4, sections 1 to 4, schedule 5, section 1, 3, 4 and 5 and 16
schedule 6, `grantor'-- 17
omit, insert-- 18
`borrower'. 19
11. Section 20(1), `a transfer'-- 20
omit, insert-- 21
`an assignment'. 22
52
Bills of Sale and Other Securities Amendment
SCHEDULE (continued)
12. Section 23, `sections 21 and 22'-- 1
omit, insert-- 2
`section 21'. 3
13. Section 42, `grantors'-- 4
omit, insert-- 5
`borrowers'. 6
14. Section 42, `grantees'-- 7
omit, insert-- 8
`lenders'. 9
15. Section 49, heading, `Registrar'-- 10
omit, insert-- 11
`Chief executive'. 12
16. Section 49(1), `registrar under this Act'-- 13
omit, insert-- 14
`chief executive'. 15
17. Schedule 5, sections 1, 3, 4 and 5, `grantee's'-- 16
omit, insert-- 17
`lender's'. 18
53
Bills of Sale and Other Securities Amendment
SCHEDULE (continued)
18. Schedule 5, sections 1 and 3 and schedule 6 `grantor's'-- 1
omit, insert-- 2
`borrower's'. 3
4
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