Personal Property Securities (Consequential Amendments) Act 2009 (131 of 2009)

Schedule 2   Intellectual property legislation

Designs Act 2003

1   Section 5

Insert:

PPSA security interest (short for Personal Property Securities Act security interest) means:

(a) 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); or

(b) a transitional security interest within the meaning of that Act, and to which Division 4 of Part 9.4 of that Act applies.

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. Division 4 of Part 9.4 of that Act applies to transitional security interests in situations including the bankruptcy or insolvency of a secured party, grantor or debtor.