amsla requires return shares after 12 months

It's widely understood that the AMSLA has a maximum lending period of 12 months after which time it is considered a sale. One of the stocks I had in my portfolio I had with Opes for over 12 months...so how will this work?

At no time did Opes request that I agree to a new lending term. So that means my shares were deemed to have been sold to Opes after 12 months and 1 day. The same will apply between ANZ and Opes. On this stock I was given an LVR of 10% and I'm not sure if ANZ gave individual LVR's or one across the entire portfolio (I have read the average ANZ LVR was 70%).
In NORMAL AMSLA transactions I would have been given 105% but that's another story.

So, if after 12 months and 1 day my shares were automatically sold to Opes and I assume the sale goes through at market value. Therefore they need to pay me that amount less the 10% LVR they already have lodged with me as collateral. ANZ in turn would also have a similar liability to Opes. So ANZ are in default to Opes and in turn Opes are in default to me.

If there is no paperwork on this issue between ANZ and Opes then it is another abandonment.

It just goes to show how hard it is going to be for ANZ to argue in court that this transaction was governed by the AMSLA.