Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:2_32
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 2 cl 32
Character Range: 101777–102304

32  Subsections 12(4) and (4A)
Repeal the subsections, substitute:
 (3A) A person who owes payment or performance of an obligation to another person may take a security interest in the other person's right to require the payment or the performance of the obligation.
 (4) Without limiting subsection (3A):
 (a) an account debtor, in relation to an account or chattel paper, may take a security interest in the account or chattel paper; and
 (b) an ADI may take a security interest in an ADI account that is kept with the ADI.