Document ID: chunk:federal_register_of_legislation:C2024C00719:section:261
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 261
Character Range: 411006–412331

261  When this Act prevails—registration requirements

Scope
 (1) This section applies if a law (the applicable law) of a State or Territory has the effect of requiring or enabling a person to register a security interest.
Example: A law of a State or Territory may have this effect by requiring a person to register any interest acquired by the person in a motor vehicle including, but not limited to, a security interest.
 (2) For the purposes of this section, a person registers a security interest under an applicable law if, under (or in accordance with) that law, the person registers, or otherwise discloses, any of the following:
 (a) the security interest;
 (b) a security agreement providing for the security interest;
 (c) collateral covered (or to be covered) by the security interest.

Failure to register under applicable law
 (3) A failure to register the security interest under the applicable law does not:
 (a) affect the validity, priority or enforceability of the security interest, or of a security agreement providing for the security interest; or
 (b) otherwise limit the effect of the security interest, or a security agreement providing for the security interest.
Note: In other respects this Act is not intended to exclude or limit the concurrent operation of the applicable law (see section 254).