Document ID: chunk:federal_register_of_legislation:C2012C00169:clause:4_30
Version: federal_register_of_legislation:C2012C00169
Segment Type: clause
Provision Reference: sch 4 cl 30
Character Range: 57722–58567

30  At the end of section 73 (before the note)
Add:

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).