^{Extinguished?}

^{Security interests granted by immediate seller or lessor}

^{Extinguished?}

^{Security interests granted by previous owners}

^{Will knowledge prevent extinguishment?}

^{Does extinguishment operate if buyer or lessee holds as inventory?}

^Yes

^{(only for unperfected security interests).}

^Yes

^{(only for unperfected security interests).}

^{Serial numbered property:}

^{(a) Watercraft}

^{(b)  Aircraft & Engines}

^{(c)  IP Rights1}

^{(d)  Motor vehicles?}

^{See s45}

^No

^{(but must search register against serial number immediately before time of sale or lease, and obtain a clear search).}

^{(grantor of security to be extinguished must have lost right to possession).}

^Yes

^{(actual or constructive knowledge of existence of security interest).}

^{Also necessary to search register against serial number either on previous day or same day as sale or lease, and obtain a clear search.}

^{Extinguished?}

^{Security interests granted by immediate seller or lessor}

^{Extinguished?}

^{Security interests granted by previous owners}

^{Will knowledge prevent extinguishment?}

^{Does extinguishment operate if buyer or lessee holds as inventory?}

^{Motor Vehicles (licensed dealer).}

^{Sale or lease (from licensed dealer).}

^Yes

^{(actual or constructive knowledge that security agreement terms breached by sale/ lease).}

^{All personal property.}

^{Sale or lease in ordinary course of business.}

^Yes

^{(actual knowledge that security agreement terms breached by sale/ lease).}

^{Yes, except for serial numbered property held as inventory.}

^{Personal, domestic or household property other than serial numbered property}

^{Sale or lease of value $5k or less2}

^Yes

^{(actual or constructive knowledge that security agreement terms breached by sale/ lease)}

^Currency.

^{Payment of currency subject to a security interest.}

^Yes

^{(actual or constructive knowledge of the existence security interest).}

^{Investment instruments and intermediated securities.}

^{Purchase in ordinary course
of trading on prescribed financial market.}

^No.

^{Extinguishment operates despite knowledge.}

^{Extinguished?}

^{Security interests granted by immediate seller or lessor}

^{Extinguished?}

^{Security interests granted by previous owners}

^{Will knowledge prevent extinguishment?}

^{Does extinguishment operate if buyer or lessee holds as inventory?}

^{Investment instruments.}

^{Any transaction where counterparty takes an interest
in, and possession or control of, investment instruments 3}

^Yes

^{(actual or constructive knowledge that security agreement terms breached by sale/ lease).}

^{Intermediated securities.}

^{Taking any interest in intermediated securities.}

^{Yes, again if
a “consensual transaction” (eg, not a mistake or similar).}

^Yes

^{(actual or constructive knowledge that security agreement terms breached by sale/ lease).}

^Goods.

^{Proceeds of personal property.}

^{Negotiable documents of title.}

^{Purchase or
lease of the following personal property subject to temporarily perfected security interest4:}

^{(a) goods,}

^{(b) proceeds of personal}

^{property, or}

^{(c) negotiable documents of title.}

^Yes

^{(actual knowledge that security agreement terms breached by sale/ lease).}