Document ID: chunk:federal_register_of_legislation:C2024C00719:section:159
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 159
Character Range: 281940–282991

159  Guide to this Part

      This Part provides for the time at which a description of collateral is registered. The precise timing of a registration may be significant in determining the priority to be given to a security interest in the collateral (see section 55).
      This Part also deals with when a registration is effective and registration defects that may cause it to become ineffective.
      A registration is effective from the registration time until the earliest of:

                (a) the registered end time; or
                (b) an amendment time; or
                (c) the time when the registration stops being available for search in the register.

      A registration is only ineffective because of a defect if there is a seriously misleading defect in data relating to the registration, or one of a number of particular defects set out in section 165 exists.
      If a security interest in certain property becomes unperfected, the secured party may be obliged to take steps to end the effect of the registration.