Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:2_267a
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 2 cl 267A
Character Range: 132684–134753

267A  Vesting in grantor of security interest that attaches after winding up etc.

Vesting of security interest
 (1) A security interest vests in the grantor when it attaches to the collateral if:
 (a) paragraph 267(1)(a) applies in relation to the grantor; and
 (b) before the time (the critical time) mentioned in paragraph 267(1)(b), the grantor enters into a security agreement with the secured party that provides for the secured party to take a security interest in collateral from the grantor; and
 (c) at the critical time:
 (i) the security interest has not attached to the collateral; and
 (ii) there is no registration that would perfect the security interest when it attaches to the collateral; and
 (d) after the critical time, the security interest attaches to the collateral; and
 (e) at the time of attachment:
 (i) the security interest is unperfected; or
 (ii) if the security interest is perfected, it is perfected only by a registration for which the registration time is after the critical time.
Note: This section does not apply to certain security interests (see section 268).

Property acquired for new value without knowledge
 (2) Subsection (1) 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 time the person acquires the property, the person has no actual or constructive knowledge of the following (as the case requires):
 (i) the filing of an application for an order to wind up the company;
 (ii) the passing of a resolution to wind up the company;
 (iii) the appointment of an administrator of the company under section 436A, 436B or 436C of the Corporations Act 2001;
 (iv) the execution of a deed of company arrangement by the company.
Note: Section 296 deals with the onus of proving matters under this subsection.