- Laws of Fiji

Last Updated: 1 August 2020

[PPS 26] Temporary perfection26

(1) A security interest perfected by possession remains perfected, notwithstanding section 25, for 7 days after the collateral comes under the control of the debtor, where the collateral is—

(a)an instrument or a security evidenced by a certificate that a secured party delivers to the debtor for the purpose of ultimate sale or exchange, presentation, collection, renewal, or registration of a transfer; or
(b)a document of title or goods held by a bailee that are not covered by a negotiable document of title, which document of title or goods the secured party makes available to the debtor for the purpose of sale, exchange, loading, unloading, storing, shipping manufacturing, processing, packaging, or otherwise dealing with the goods in preparation for their sale or exchange.

(2) After the expiration of the 7 day period, the security interest is subject to the provisions of this Act relating to the perfection of a security interest.