Document ID: chunk:federal_register_of_legislation:C2024C00719:section:324
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 324
Character Range: 479805–480609

324  Priority rule—certain security interests upon insolvency or bankruptcy
 (1) The priority between 2 security interests in the same collateral is to be determined under this Act, as if section 322 had not been enacted, if:
 (a) the priority between the security interests comes to be determined after the end of the month that is 24 months after the registration commencement time; and
 (b) either (or each) of the interests is a transitional security interest that has not been perfected, apart from under section 322; and
 (c) the grantor or secured party in relation to either (or each) of the security interests is insolvent or bankrupt.
 (2) Subsection (1) is in addition to, and does not derogate from, any other provision of this Division.

Division 6—Migration of personal property interests