Commonwealth Consolidated Acts Commonwealth Consolidated Acts(a) applies to a security interest:
(i) whether or not the security interest is perfected (except in sections 43 (unperfected interests) and 52 (temporarily perfected interests)); and
(ii) whether the security interest attaches to personal property as original collateral or as proceeds; and
(b) does not apply to the acquisition of an interest in personal property free of a security interest if the interest that is taken is itself a security interest (except in sections 50 (investment instruments) and 51 (intermediated securities)).
Note: Some acquisitions to which section 50 applies, and all
acquisitions to which section 51 applies, consist of the taking of
security interests (see subsections 50(3) and 51(1)).