Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:1_588fl:p2
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 1 cl 588FL (pt 2/3)
Character Range: 70661–73397

of the Personal Property Securities Act 2009.
Note 4: The Personal Property Securities Act 2009 provides for perfection by registration, possession or control, or by force of that Act (see section 21 of that Act).

Foreign law governs security interest
 (3) This subsection covers a PPSA security interest if:
 (a) at the critical time, or, if the security interest arises after the critical time, when the security interest arises, the security interest is enforceable against third parties under the law of a foreign jurisdiction (the relevant foreign law); and
 (b) the relevant foreign law provides for the public registration or recording of the security interest, or of a notice relating to the security interest; and
 (c) the security interest or notice has not been so registered or recorded, in accordance with the relevant foreign law, before the latest of the following times:
 (i) 6 months before the critical time;
 (ii) the time that is the end of 20 business days after the security agreement that gave rise to the security interest came into force, or the time that is the critical time, whichever time is earlier;
 (iii) if the security agreement giving rise to the security interest came into force under the law of a jurisdiction other than the relevant foreign law, but the security interest first became enforceable against third parties under the relevant foreign law after the time that is 6 months before the critical time—the time that is the end of 56 days after the security interest became so enforceable, or the time that is the critical time, whichever time is earlier;
 (iv) a later time ordered by the Court under section 588FM.
Note: For the meaning of critical time, see subsection (7).

Vesting of security interest in company
 (4) The PPSA security interest vests in the company at the following time, unless the security interest is unaffected by this section because of section 588FN:
 (a) if the security interest first becomes enforceable against third parties at or before the critical time—immediately before the event mentioned in paragraph (1)(a);
 (b) if the security interest first becomes enforceable against third parties after the critical time—at the time it first becomes so enforceable.
Note: For the meaning of critical time, see subsection (7).

Property acquired for new value without knowledge
 (5) Subsection (4) does not affect the title of a person to personal property if:
 (a) the person acquires the personal property for new value from a secured party, from a person on behalf of a secured party, or from a receiver in the exercise of powers:
 (i) conferred by the security agreement providing for the security interest; or
 (ii) implied by the general law; and
 (b) at the