Commonwealth Consolidated Acts

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Security interest in perishable property


             (1)  This section applies if perishable property of a company under administration is subject to a security interest.

Power of enforcement by secured party, receiver or controller

             (2)  Nothing in section 198G, 440B or 451E, or in an order under subsection 451G(1), prevents any of the following from enforcing the security interest, so far as it is a security interest in perishable property:

                     (a)  the secured party;

                     (b)  a receiver or controller appointed for the purposes of Part 5.2 (whether under an instrument relating to the security interest or a court order, and even if appointed after the decision period).

             (3)  Section 437D does not apply in relation to a transaction or dealing that affects perishable property of the company and is entered into by:

                     (a)  the secured party in the performance or exercise of a function or power as secured party; or

                     (b)  a receiver or controller mentioned in paragraph (2)(b) of this section, in the performance or exercise of a function or power as such a receiver or controller.

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