THE CORPORATIONS LAW

CHAPTER 2K - CHARGES

PART 2K.3 - ORDER OF PRIORITY

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SECTION 281   GENERAL PRIORITY RULE IN RELATION TO UNREGISTERED CHARGES  

281    An unregistered charge on property of a company has priority over:

(a)  a registered charge on the property that was created after the creation of the unregistered charge and does not have priority over the unregistered charge under subsection 280(1); and

(b)  another unregistered charge on the property created after the first-mentioned unregistered charge.