27Priority between quota unit interests and PPSA security interests

27 Priority between quota unit interests and PPSA security interests

(1) The priority between: (a) quota units that are permanently or temporarily transferred (the quota unit interest), if the permanent or temporary transfer has effect under section 26 (by registration); and (b) a PPSA security interest; is as set out in the following table:

<table cellspacing="0" cellpadding="0" style="width:421.8pt; margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:411pt; 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="TableHeading"><span>Priority between PPSA security interests and quota unit 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="TableHeading"><span>Item</span></p></td><td style="width:236.75pt; 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="TableHeading"><span>If …</span></p></td><td style="width:127.75pt; 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="TableHeading"><span>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:236.75pt; 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:127.75pt; 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 quota unit 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:236.75pt; 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 permanent or temporary transfer is registered under section</span><span> </span><span>26 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:127.75pt; 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 quota unit 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:236.75pt; 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 permanent or temporary transfer is registered under section</span><span> </span><span>26 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:127.75pt; 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>