Personal Property Securities (Corporations and Other Amendments) Act 2010 (96 of 2010)

Schedule 2   Personal Property Securities Act 2009

Part 1   Specific amendments

50   After subsection 57(2)

Insert:

(2A) A perfected security interest (the priority interest ) in the proceeds of original collateral has priority over any other security interest in the proceeds, except a security interest in the proceeds as original collateral that is perfected by control, if:

(a) the security interest in the first-mentioned original collateral was perfected by control when the collateral gave rise to proceeds; and

(b) the priority interest is not perfected by control.