48Cancellation of security interest by motor car trader

48 Cancellation of security interest by motor car trader S. 48(1) amended by No. 74/1996 s. 50(f). (1) A motor car trader must not sell, exchange or otherwise dispose of a motor car without first procuring the cancellation of— S. 48(1)(a) amended by No. 15/1987 s. 31(4)(a)(iii), substituted by No. 74/2010 s. 37(Sch. item 3.1). (a) any security interest in the motor car (including a motor car that is registered under the law of another State or Territory) that is registered on the Personal Property Securities Register established under Chapter 5 of the Personal Property Securities Act 2009 of the Commonwealth; and S. 48(1)(aa) inserted by No. 15/1987 s. 31(4)(a)(ii), repealed by No. 74/2010 s. 37(Sch. item 3.2). (b) any other security interest in the motor car created by the motor car trader or of which the trader has notice. 1. 100 penalty units or imprisonment for 12 months. S. 48(2) inserted by No. 15/1987 s. 31(4)(a)(iv). (2) Subsection (1) does not apply to a motor car trader who sells, exchanges or otherwise disposes of a motor car subject to an inventory security interest if the sale, exchange or disposition is authorised by, and is in accordance with, the terms of the inventory security interest. S. 48(3) inserted by No. 13/2017 s. 18. (3) Subsection (1) does not apply if a motor car trader— (a) has been engaged by the Sheriff to sell, exchange, or otherwise dispose of a motor car on behalf of the Sheriff; and (b) sells, exchanges or otherwise disposes of that motor car subject to a security interest that is registered in favour of the Sheriff on the Personal Property Securities Register established under Chapter 5 of the Personal Property Securities Act 2009 of the Commonwealth. S. 49 amended by Nos 41/1995 s. 62(Sch. 1 item 5.4), 52/1998 s. 164, 11/2010 s. 55.