(1) This section applies in relation to goods, conveyances or other premises ( compensable items ) in respect of which the Director of Biosecurity may approve a payment of compensation under section 632 or 633.
Compensation must be paid to owner
(2) Compensation approved under section 632 or 633 in respect of a compensable item must:
(a) if there is only one owner of the compensable item--be paid to the owner; or
(b) if there are 2 or more owners of the compensable item--be divided among those owners as prescribed by the regulations.
Note: Owner is defined in subsection (6).
Requirements relating to claim for compensation
(3) An owner of a compensable item is not entitled to compensation under section 632 or 633 in respect of the item unless a claim for compensation is made by or on behalf of the owner within 12 months after the item was damaged or destroyed (as the case may be).
(4) A claim for compensation under subsection (3) must:
(a) if a form is prescribed by the regulations--be in that form; and
(b) be accompanied by the documents (if any) prescribed by the regulations.
Amount of compensation
(5) The amount of compensation payable under section 632 or 633 is a reasonable amount prescribed by, or determined in accordance with, the regulations.
Definition of owner
(6) In this section:
"owner" , in relation to a compensable item, means a person who had an interest in the item at the time it was damaged or destroyed (as the case may be), but does not include:
(a) a person who had such an interest by reason only that the person was entitled to the benefit of a mortgage or other charge, or a lien, in respect of the item (other than a PPSA security interest); or
(b) a person who held a PPSA security interest in the item;
unless the person was in possession or control of the item at that time.