Document ID: chunk:federal_register_of_legislation:C2024C00719:section:40:p2
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 40 (pt 2/2)
Character Range: 127450–128716

a notice relating to the security interest—the security interest, or such a notice, was not so registered or recorded.

Temporary perfection after relocation event
 (3) If a security interest in collateral is continuously perfected under subsection (1), the security interest in the collateral is temporarily perfected for the period:
 (a) starting at the time of the relocation event; and
 (b) ending at the earlier of the following times:
 (i) the end of 56 days after the day of the relocation event;
 (ii) the end of 5 business days after the day the secured party has actual knowledge of the relocation event.
 (4) However, the security interest in the collateral becomes unperfected at the end of the period mentioned in subsection (3), and is taken never to have been temporarily perfected, unless the security interest is perfected otherwise than under subsection (3) before the end of the period.

Exceptions
 (5) This section does not apply to:
 (a) intellectual property, an intellectual property licence or an ADI account; or
 (b) a negotiable instrument.
Note: The property mentioned in paragraph (5)(a) is intangible property; negotiable instruments are financial property (see section 10).

Part 2.5—Taking personal property free of security interests