Summarise the Default Priority Rules for Security Interests Under the Personal

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The Answer is See www.ppsr.gov.au.
The PPS Register is an online register of security interests held in \l "Note1" personal property[1].
Secured parties such as financiers and other lenders can register their security interests on the PPS Register. It is also be possible to search the PPS Register for details of security interests.
The PPS Registrar has responsibility for functions under the Personal Property Securities Act 2009 (Cth) including the administration of the PPS Register. The functions of the PPS Registrar and the operation of the PPS Register are supported by the Personal Property Securities Service.
Default priority rules
Registration on the PPS Register is a form of perfection under the PPS Act. The most common \l "Note2" form of perfection[2] under the PPS Act will be by registration.
Perfection by registration has two main benefits for a secured party. Firstly it defines the priority status the security interest has relative to other security interests in the collateral. Secondly it ensures their security interest survives the \l "Note3" bankruptcy or insolvency [3] of the grantor, the person that receives assistance to acquire the collateral.
The effect of registration upon the priority of security interests is demonstrated through the default priority rules under the PPS Act. These rules provide that:
(a) a perfected security interest takes priority over an unperfected security interest
(b) priority between two or more perfected security interests is determined in favour of an earlier perfected security interest over a later one, and
(c) priority between two or more unperfected security interests is determined in favour of an earlier attached security interest over a later \l "Note4" one[4] .
Notes
1. 1.At a general level personal property is all forms property other than real estate. See section 10 PPS Act
2. 2.See fact sheet : Personal property securities - PPSR overview
3. 3.See fact sheet : Receivership, administration and liquidation
4. 4.Section 55, PPS Act"
(Accessed November 2016)

Summarise the Default Priority Rules for Security Interests Under the Personal

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Summarise the Default Priority Rules for Security Interests Under the Personal

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