Victorian Consolidated Legislation

Chattel Securities Act 1987 - SECT 10

Priority of security interests

10. Priority of security interests



(1) If there are two or more security interests in respect of the same goods
and one or more of those security interests is registered under Part 3, those
interests, subject to this section, rank in priority with respect to all debts
or other pecuniary obligations (including contingent obligations) and all
other obligations respectively secured under them whenever arising in the
order in which they are so registered.

(2) The order of priority of security interests in subsection (1) is subject
to any express contrary provision in the Corporations Act and to any agreement
between the holders of the security interests.

(3) If, before the registration of a security interest, the secured party in
respect of any other security interest in the same goods takes possession of
the goods, the second-mentioned security interest, subject to subsection (2),
ranks in priority to the registered security interest with respect to those
goods.

(4) A repairer's lien on goods, whether or not registered under Part 3, ranks
in priority to any registered security interest in respect of those goods
irrespective of the date and time of the registration of that registered
security interest.