31FAInterests in statutory fishing rights options—priority between section 31F interests and PPSA security interests

#### 31FA Interests in statutory fishing rights options—priority between section 31F interests and PPSA security interests Scope (1) This section sets out the priority between the following interests in a statutory fishing rights option: (a) an interest (the section 31F interest) that is the subject of a dealing (the section 31F dealing), if the dealing has effect under section 31F (by registration); (b) a PPSA security interest. Priority rules (2) The priority is as set out in the following table: ```html <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Priority between PPSA security interests and section</span><span style="font-weight:bold"> </span><span style="font-weight:bold">31F interests</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:148.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">If …</span></p></td><td style="width:148.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">then …</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:148.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the PPSA security interest is not perfected (whether by registration or otherwise) within the meaning of the </span><span style="font-style:italic">Personal Property Securities Act 2009</span></p></td><td style="width:148.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the section</span><span> </span><span>31F interest has priority.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:148.5pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the PPSA security interest is perfected (whether by registration or otherwise) within the meaning of the </span><span style="font-style:italic">Personal Property Securities Act 2009</span><span>; and</span></p><p class="Tablea"><span>(b) the section</span><span> </span><span>31F dealing is registered under section</span><span> </span><span>31F of this Act before the priority time for the PPSA security interest under section</span><span> </span><span>55 of the </span><span style="font-style:italic">Personal Property Securities Act 2009</span></p></td><td style="width:148.5pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the section</span><span> </span><span>31F interest has priority.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:148.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the PPSA security interest is perfected (whether by registration or otherwise) within the meaning of the </span><span style="font-style:italic">Personal Property Securities Act 2009</span><span>; and</span></p><p class="Tablea"><span>(b) the section</span><span> </span><span>31F dealing is registered under section</span><span> </span><span>31F of this Act at or after the priority time for the PPSA security interest under section</span><span> </span><span>55 of the </span><span style="font-style:italic">Personal Property Securities Act 2009</span></p></td><td style="width:148.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the PPSA security interest has priority.</span></p></td></tr></tbody></table> ``` (3) Subsection 73(2) of the Personal Property Securities Act 2009 applies to the section 31F interest. > Note 1: The effect of subsection (3) is that the priority between a section 31F interest and a PPSA security interest in a statutory fishing rights option is to be determined in accordance with this Act rather than the Personal Property Securities Act 2009. > Note 2: Subsection 73(2) of the Personal Property Securities Act 2009 applies to section 31F interests that arise after the commencement of subsection (3) of this section (which commences at the registration commencement time within the meaning of the Personal Property Securities Act 2009).