Corporations Act 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2 - INTERPRETATION  

Division 7 - Meaning of some other expressions  

SECTION 51F   MEANING OF PPSA RETENTION OF TITLE PROPERTY  

Definition

51F(1)    
Property is PPSA retention of title property (short for Personal Property Securities Act retention of title property) of a corporation if:

(a)    the property is personal property; and

(b)    the property is used or occupied by, or is in the possession of, the corporation; and

(c)    the corporation does not have title to the property; and

(d)    a PPSA security interest is attached to the property, within the meaning of the Personal Property Securities Act 2009 ; and

(e)    the corporation is the grantor in relation to the PPSA security interest, within the meaning of that Act.

Examples: The following personal property is PPSA retention of title property if a PPSA security interest attaches to the property by virtue of the transaction concerned, and the grantor is a corporation:

(a) property that is the subject of an agreement to sell subject to retention of title, or a hire purchase agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009 );

(b) property that is the subject of a lease, or a consignment agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009 );

(c) goods that are the subject of a commercial consignment (see subsection 12(3) of the Personal Property Securities Act 2009 );

(d) goods that are leased or bailed under a PPS lease (see subsection 12(3) of the Personal Property Securities Act 2009 ).

References to property of a corporation

51F(2)    
A reference in this Act to the property of a corporation does not include a reference to any PPSA retention of title property of the corporation, unless provided otherwise expressly or by necessary implication.

Note: See also the definition of property in section 9.

References to property of a sub-fund of a CCIV

51F(3)    

A reference in a provision of this Act to property of a sub-fund of a CCIV (including a substituted reference provided for by Part 8B.6 ) is a reference to something that is:

(a)    property of the CCIV (within the meaning of the provision); and

(b)    an asset of the sub-fund of the CCIV.

Note: For assets of a sub-fund of a CCIV, see section 1233H .