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

Schedule 2   Personal Property Securities Act 2009

Part 1   Specific amendments

80   After subsection 140(1)

Insert:

(1A) This section does not prevent the operation of another law of the Commonwealth, or a law of a State or Territory, to the extent that the law requires the amount, personal property or proceeds to be applied towards one or more obligations to persons that do not hold security interests (or any other interests) in the collateral before being applied towards any (or all) of the obligations mentioned in subsection (2).

Example: This section does not prevent the operation of section 561 of the Corporations Act 2001, which gives priority to the satisfaction of certain unsecured obligations over the claims of a secured party holding a circulating security interest in a debtor's property.