420Claims for, and amount of, compensation

420  Claims for, and amount of, compensation Application  (1) This section applies in relation to goods (compensable goods) in respect of which the Secretary may approve a payment of compensation under subsection 419(1). Compensation must be paid to owner  (2) Compensation approved under subsection 419(1) in respect of compensable goods must:  (a) if there is only one owner of the compensable goods—be paid to the owner; or  (b) if there are 2 or more owners of the compensable goods—be divided among those owners as prescribed by the rules. Note: Owner is defined in subsection (6). Requirements relating to claim for compensation  (3) An owner of compensable goods is not entitled to compensation under subsection 419(1) in respect of the goods unless a claim for compensation is made by or on behalf of the owner within 12 months after the goods were damaged or destroyed (as the case may be).  (4) A claim for compensation under subsection (3) must:  (a) if the Secretary has approved a form for such claims—be in that form; and  (b) be accompanied by the documents (if any) prescribed by the rules. Amount of compensation  (5) The amount of compensation payable under subsection 419(1) is a reasonable amount prescribed by, or determined in accordance with, the rules. Definition of owner  (6) In this section: owner, in relation to compensable goods, means a person who had an interest in the goods at the time they were damaged or destroyed, but does not include:  (a) a person who had such an interest by reason only that the person was entitled to the benefit of a mortgage or other charge, or a lien, in respect of the goods (other than a PPSA security interest); or  (b) a person who held a PPSA security interest in the goods; unless the person was in possession or control of the goods at that time. Division 5—Partnerships, unincorporated associations and trusts