Document ID: chunk:federal_register_of_legislation:C2024C00719:section:257
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 257
Character Range: 406780–407662

257  When other laws prevail—security agreements

Scope
 (1) This section sets out restrictions on the extent to which a security agreement is effective according to its terms under subsection 18(1).

Operation of other laws dealing with security agreements
 (2) Subsection 18(1) is subject to each of the following laws:
 (a) a law of the Commonwealth (other than this Act);
 (b) a law of a State or a Territory;
 (c) the general law.
 (3) However, a law mentioned in subsection (2) does not apply:
 (a) to the extent (if any) to which the operation of the law is affected by Division 4 (when this Act prevails); and
 (b) to the extent (if any) prescribed by the regulations.
Note: Division 4 restricts the operation of State and Territory laws in certain respects, for example by preventing formal requirements under those laws from affecting the validity of security interests.