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

Schedule 2   Personal Property Securities Act 2009

Part 1   Specific amendments

56   Paragraph 68(2)(d)

Omit:

(d) the transferee-granted interest secures performance of an advance made, or an obligation incurred, by the transferee's secured party before:

(i) the transferor-granted interest is re-perfected as mentioned in paragraph (1)(d); and

(ii) the notice is given under paragraph (1)(e);

but only to the extent of the advance or obligation.

Substitute:

(d) the transferee-granted interest secures performance of an advance made, or an obligation incurred, by the transferee's secured party before:

(i) the transferor-granted interest is re-perfected as mentioned in paragraph (1)(d); and

(ii) the notice is given under paragraph (1)(e);

but only to the extent of the advance or obligation.

Note: The amendment made by this item corrects a formatting error.