Commonwealth Consolidated Acts

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PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 293

Timing--applications for extension of time

  (1)   On application, a court may make an order extending the number of business days in a period specified in the following provisions if the court is satisfied that it is just and equitable to do so:

  (a)   paragraphs 62(3)(b) (perfection of purchase money security interests);

  (b)   paragraphs 63(c) and (d) (priority between competing purchase money security interests);

  (c)   paragraph   64(1)(b) (priority between non - purchase money security interest and purchase money security interest);

  (d)   subsection   120(3) (payment of amount owed to secured party in enforcing security interests in liquid assets);

  (e)   paragraphs 121(2)(e) and (5)(a) (notice to higher priority parties and grantor of enforcement of liquid assets);

  (f)   subsection   127(4) (compliance with notice from higher priority party);

  (g)   subsection   127(9) (payment of amount by higher priority party);

  (h)   paragraph   130(2)(c) (notice of disposal of collateral);

  (i)   paragraphs 132(2)(a) and (6)(a) (giving statements of account);

  (j)   paragraph   135(2)(a) (notice of retention of collateral);

  (k)   subsection   138(2) (giving proof of interest);

  (l)   subsection   151(3) (belief about security interest);

  (m)   paragraph   166(2)(c) (when defect makes registration ineffective);

  (n)   subsection   167(2) (application for amendment of registration);

  (o)   subsection   182(2) (application for amendment after demand);

  (p)   subsection   275(3) (information required by request).

  (2)   The court may make the order even if the period has ended.

  (3)   In making an order to extend a period under subsection   (1), the court must take into account the following:

  (a)   whether the need to extend the period arises as a result of an accident, inadvertence or some other sufficient cause;

  (b)   whether extending the period would prejudice the position of any other secured parties or other creditors;

  (c)   whether any person has acted, or not acted, in reliance on the period having ended.



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