Personal Property Securities (Migrated Security Interests and Effective Registration) Determination 2011
Personal Property Securities (Migrated Security Interests and Effective Registration) Determination 20111
Personal Property Securities Act 2009
I, DAVID BERGMAN, Registrar of Personal Property Securities, make this Determination under subsections 333 (1) and 337 (2) of the Personal Property Securities Act 2009.
Dated 21 November 2011
DAVID BERGMAN
Registrar of Personal Property Securities
1 Name of Determination
This Determination is the Personal Property Securities (Migrated Security Interests and Effective Registration) Determination 2011.
2 Commencement
This Determination commences as follows:
(a) on 21 November 2011 — sections 1 to 4;
(b) at the registration commencement time — section 5.
Note Registration commencement time is defined in subsection 306 (2) of the Personal Property Securities Act 2009.
3 Definition
In this Determination:
Act means the Personal Property Securities Act 2009.
4 Registration using migrated data — registrable personal property
(1) For subsection 333 (1) of the Act, a class of personal property is registrable if subsection (2) or (3) applies.
(2) A class of personal property that is registrable is personal property to which the following apply:
(a) the personal property has been prescribed under paragraph 148 (c) of the Act;
(b) at or after the migration time, but before the registration commencement time:
(i) data relating to the personal property has been given to the Registrar in the approved form; and
(ii) the Registrar has accepted the data.
(3) A class of personal property that is registrable is personal property to which the following apply:
(a) the personal property is subject to a transitional security interest;
(b) the transitional security interest was registered on a transitional register;
(c) the registration of the transitional security interest in relation to the property was effective immediately before the data was given to the Registrar;
(d) registration of the transitional security interest was authorised by the law under which the register was maintained;
(e) at or after the migration time, but before the registration commencement time:
(i) data relating to the personal property has been given to the Registrar in the approved form; and
(ii) the Registrar has accepted the data.
5 Registration effective despite defects
(1) This section applies to the registration of a transitional security interest that includes a defect that would make the registration ineffective, under section 164 or 165 of the Act.
(2) For subsection 337 (2) of the Act, a class of registration is registrations for which the following apply:
(a) the personal property is subject to a transitional security interest;
(b) the transitional security interest was registered on a transitional register;
(c) the registration of the transitional security interest in relation to the property was effective immediately before the data was given to the Registrar;
(d) registration of the transitional security interest was authorised by the law under which the register was maintained;
(e) at or after the migration time, but before the registration commencement time:
(i) data relating to the personal property has been given to the Registrar, in the approved form; and
(ii) the Registrar has accepted the data;
(f) the transitional security interest was registered under subsection 333 (2) of the Act;
(g) the defect is that the financing statement registered by the Registrar included, or omitted to include, data, whether or not the data was recorded in the transitional register.
Note
Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.