Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The following table is a guide to how this Act applies to the determination of priorities involving transitional security interests:
Priorities involving transitional security interests | |||
Item | The following security interest: | has priority over ... | because of ... |
1 | a perfected transitional security interest | an unperfected security interest (whether transitional or not) | subsection 55(3). |
2 | a perfected transitional security interest | a perfected security interest that is not a transitional security interest | subsection 55(5) and sections 322 and 322A. |
3 | an unperfected transitional security interest | an unperfected security interest that is not a transitional security interest | subsection 55(2) and section 321. |
4 | a perfected security interest (whether transitional or not) | an unperfected transitional security interest | subsection 55(3). |
(2) Other priorities involving transitional security interests are dealt with under this Division as follows:
(a) for the priority between 2 perfected transitional security interests, see section 323;
(b) for the priority between 2 unperfected transitional security interests, see section 323;
(c) for the priority between 2 security interests, one or both of which is a transitional security interest, if the priority comes to be determined after the end of the month that is 24 months after the registration commencement time in circumstances involving insolvency or bankruptcy, see section 324.
(3) In this section, a reference to a perfected
transitional security interest is taken to be a reference to a
transitional security interest that has been continuously perfected, at the
time the priority comes to be determined, since immediately before the
registration commencement time.