Document ID: chunk:federal_register_of_legislation:C2024C00719:section:73:p2
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 73 (pt 2/2)
Character Range: 167453–168837

(2) is subject to subsection (1).

Rights to payment in connection with specifically identified land
 (6) An interest (the priority interest) in collateral has priority over a security interest in the collateral if the priority interest is an interest of a kind mentioned in subparagraph 8(1)(f)(ii) (certain rights to payment in respect of land).

Interests arising under the general law
 (7) The priority between an interest in collateral (the general law interest) that arises by operation of the general law and a security interest in the same collateral is to be determined in accordance with an instrument made under subsection (8) if, and only if:
 (a) no law of the Commonwealth (other than this Act and that instrument) provides for the priority between the general law interest and the security interest; and
 (b) the instrument provides that this subsection applies to general law interests of that kind; and
 (c) the general law interest arises after the instrument comes into effect.
 (8) The Minister may make a legislative instrument for the purposes of subsection (7).
 (9) Subsection (7) is subject to subsection (1).
Note: This section does not apply to priorities in relation to interests that arise before the registration commencement time (within the meaning of section 306). Priorities in relation to such interests are unaffected by this Act (see section 312).