Personal Property Securities (Corporations and Other Amendments) Act 2010 (96 of 2010)

Schedule 1   Corporations Act 2001

Part 1   New concepts

6   Section 9 (definition of retention of title clause)

Repeal the definition, substitute:

retention of title clause : property is subject to a retention of title clause under a contract for the sale of property:

(a) if the contract contains a provision the effect of which is that the seller retains title in the property until the purchase price, or another amount, has been paid in full; and

(b) if the purchase price, or the other amount, as the case may be, has not been paid in full; and

(c) to the extent that the contract does not give rise to a PPSA security interest in the property.

Note: See also the definitions of PPSA security interest in section 51 and PPSA retention of title property in section 51F.