THE CORPORATIONS LAW

CHAPTER 2K - CHARGES

PART 2K.3 - ORDER OF PRIORITY

SECTION 278   INTERPRETATION  

278(1)  (Definitions)  

In this Part:

``priority time'' , in relation to a registered charge, means:

(a)  except as provided by paragraph (b) or (c) - the time and date appearing in the Register in relation to the charge, being a time and day entered in the Register pursuant to section 265;

(b)  where a notice has been lodged under section 264 in relation to a charge on property, being a charge that, at the time when the notice was lodged, was already registered under Part 2K.2 - the earlier or earliest time and day appearing in the Register in relation to the charge, being a time and day entered in the Register pursuant to section 264; and

(c)  to the extent that the charge has effect as varied by a variation notice of which was required to be lodged under subsection 268(2) - the time and day entered in the Register in relation to the charge pursuant to subsection 265(14);

``prior registered charge'' , in relation to another registered charge, means a charge the priority time of which is earlier than the priority time of the other charge;

``subsequent registered charge'' , in relation to another registered charge, means a charge the priority time of which is later than the priority time of the other registered charge;

``registered charge'' means a charge that is registered under Part 2K.2;

``unregistered charge'' means a charge that is not registered under Part 2K.2 but does not include a charge that is not a registrable charge.

278(2)  [Notice of charge includes constructive notice]  

A reference in this Part to a person having notice of a charge includes a reference to a person having constructive notice of the charge.

278(3)  [More than 1 priority time]  

Where, by virtue of the definition of ``priority time'' in subsection (1), a registered charge has 2 or more priority times each of which relates to a particular liability secured by the charge, each of those liabilities shall, for the purposes of this Part, be deemed to be secured by a separate registered charge the priority time of which is the priority time of the first-mentioned registered charge that relates to the liability concerned.