Personal Property Securities (Corporations and Other Amendments) Act 2010 (96 of 2010)
Schedule 1 Corporations Act 2001
Part 1 New concepts
10 After Division 6 of Part 1.2
Insert:
Division 6A - Security interests
51 Meaning of PPSA security interest
In this Act:
PPSA security interest (short for Personal Property Securities Act security interest) means a security interest within the meaning of the Personal Property Securities Act 2009 and to which that Act applies, other than a transitional security interest within the meaning of that Act.
Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property. See the following provisions of that Act:
(a) section 8 (interests to which the Act does not apply);
(b) section 12 (meaning of security interest );
(c) Chapter 9 (transitional provisions).
Note 2: For the meaning of transitional security interest , see section 308 of the Personal Property Securities Act 2009.
51A Meaning of security interest
In this Act:
security interest means:
(a) a PPSA security interest; or
(b) a charge, lien or pledge.
51B Meaning of secured party
In this Act:
secured party , in relation to a security interest, means:
(a) if the security interest is a PPSA security interest - a secured party within the meaning of the Personal Property Securities Act 2009; or
(b) if the security interest is not a PPSA security interest, but consists of a charge, lien or pledge in relation to the property - a chargee, lienee or pledgee in relation to the charge, lien or pledge.
Note: Security interests are either PPSA security interests, or charges, liens or pledges (see section 51A).
51C Meaning of circulating security interest
In this Act:
circulating security interest means a security interest that is:
(a) a PPSA security interest, if:
(i) the security interest has attached to a circulating asset within the meaning of the Personal Property Securities Act 2009; and
(ii) the grantor (within the meaning of that Act) has title to the asset; or
(b) a floating charge.
Note: Security interests are either PPSA security interests, or charges, liens or pledges (see section 51A).
51D Meaning of possessory security interest
In this Act:
possessory security interest , in relation to property, means a security interest that is:
(a) a PPSA security interest in the property that is perfected by possession or control, within the meaning of the Personal Property Securities Act 2009; or
(b) a lien or a pledge in relation to the property.
Note: Security interests are either PPSA security interests, or charges, liens or pledges (see section 51A).
51E Meaning of secured creditor
In this Act:
secured creditor of a corporation means a creditor of the corporation, if the debt owing to the creditor is secured by a security interest.
51F Meaning of PPSA retention of title property
Definition
(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
(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.