Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:2_128
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 2 cl 128
Character Range: 154061–154928

128  Before subsection 341(1)
Insert:

General rules
 (1A) For the purposes of subsection 340(2), a secured party has control of personal property if:
 (a) the secured party has control of the property within the ordinary meaning of the term "control"; or
 (b) the secured party has control of the property within the meaning of Part 2.3 (possession and control of personal property); or
 (c) in a case in which the personal property is inventory or an account—the secured party has control of the inventory or account because of:
 (i) paragraph (a) or (b); or
 (ii) subsection (1), (2), (3) or (4).
 (1B) For the purposes of subsection 340(5) and this section:
 (a) inventory has its ordinary meaning; and
 (b) the definition of inventory in section 10 does not apply.
Note: The heading to section 341 is replaced by the heading "Meaning of control and inventory".