Personal Property Securities Act 2009 Schedule 4
(i) if the law of the foreign jurisdiction provides for the
perfection (and the effect of perfection or
non-perfection) of the security interest—when the
security interest last became perfected under that law;
(ii) if subparagraph (i) does not apply to the law of the
foreign jurisdiction, but that law provides for the public
registration or recording of the security interest, or of a
notice relating to the security interest—when the
security interest, or such a notice, was so registered or
recorded (or was last so registered or recorded);
(iii) if neither subparagraph (i) nor (ii) applies to the law of
the foreign jurisdiction—when the security interest last
became enforceable against third parties under that law;
and
(b) ending when the property becomes located in Australia.
(2A) However, a security interest in collateral is not taken to have been
continuously perfected under subsection (1) if, immediately before
the collateral became located in Australia:
(a) in a case in which the law of the foreign jurisdiction provides
for the perfection (and effect of perfection or non-perfection)
of the security interest—the security interest was not
perfected under that law; or
(b) in a case in which paragraph (a) does not apply to the law of
the foreign jurisdiction, but that law provides for the public
registration or recording of the security interest, or of a notice
relating to the security interest—the security interest, or such
a notice, was not so registered or recorded.
19 Subsections 40(1) and (2)
Repeal the subsections, substitute:
Continuous perfection prior to relocation event
(1) If the law of a foreign jurisdiction has governed a security interest
in intangible property, or financial property, the security interest is
taken to have been continuously perfected for the period covered
by subsection (2) if:
(a) either of the following events (the relocation event) occurs:
(i) the grantor becomes located in Australia;
Personal Property Securities (Consequential Amendments) Act 2009 33